Human Capital & Careers

Nardelli Took Home $134M Last Year

The bulk of his compensation from Home Depot, more than $100 million, fell in the category of ''all other compensation'' related to his termination.
Stephen TaubApril 16, 2007

Robert Nardelli, who resigned as chairman, president, and chief executive officer of The Home Depot in January, earned $134.5 million last year. His total severance package has been valued at $210 million.

According to the company’s 2006 proxy, filed Friday, last year Nardelli received a $2.3 million salary, a $3 million bonus, and a $3 million long-term incentive plan payout for 2004 through 2006. He received $16.3 million in stock grants, $15.9 million of which is the compensation expense for restricted shares, and $6.4 million in options awards.

The bulk of Nardelli’s 2006 compensation, more than $100 million, falls in the category of “all other compensation” related to his termination.

This includes more than $55 million for the equity compensation expense recognized by the company last year for the accelerated vesting of option and stock awards. Another $565,984 in dividend equivalents payable on deferred stock awards will be distributed in July.

Nardelli also received $20 million attributed to a severance payment, plus an additional $18 million severance payable over four years in exchange for his agreement not to compete with the company.

He also received more than $1.3 million in health benefits, which will continue to cover him through January 2010, $648,000 in security, $305,000 in tax reimbursements, $246,000 worth of life insurance, $169,000 attributed to use of the company’s airplane, and $50,000 in legal fees.

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