‘Homer Bandit’ gets seven-year sentence
A San-Diego area man will be sentenced to seven years and four months in prison after pleading guilty to nine felonies that include making fraudulent purchases at Home Depot stores. According to a story reported by the City News Service, Joel Booth, age 39, used counterfeit checks and identification cards to purchase items at a number of Home Depot stores in San Diego and Riverside counties. Police investigators nicknamed him “The Homer Bandit,” after Home Depot’s original mascot.
Booth used both real and fake names to manufacture checks, investigators said, using account information stolen from victims’ mail boxes and/or U.S. postal drop boxes. Almost 30 businesses lost thousands of dollars to Booth’s scam, authorities said.
Police caught up with Booth on March 10, 2011 at a Ross Dress for Less store in Santee, just east of San Diego. He was trying to return items he purchased at a Ross store in La Quinta.
Booth has agreed to plead guilty to burglary and multiple counts of unlawful use of someone’s personal identifying information.
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Ideal Industries names vice chairman
Ideal Industries, a manufacturer of tools and suppliers for electrical contractors, has named Jim James as the vice chairman of its board of directors. James, who also serves as president and CEO, will assume these additional duties immediately.
James joined Ideal Industries in August 2008 as president and CEO. Previous to that, he served as president of ITW Building Components Group, a division of Illinois Tool Works.
Based in Sycamore, Ill., Ideal Industries has been serving the electrical industry since 1916. Ideal is one of the world’s leading manufacturers of tools and supplies serving installation professionals in the construction, maintenance, data communications and original equipment manufacturing industries.
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Nardelli moves on, again
The former Home Depot CEO has resigned from his post as CEO of Cerberus Operations and Advisory Co.
Nardelli will continue to serve as adviser to Steve Feinberg, CEO of Cerberus Capital Management. Nardelli will also focus on his own investing company, called XLR-8.
In a statement, Nardelli said: "I informed Steve Feinberg that I desired to make this transition to a role as senior advisor in order to devote attention to XLR-8 LLC, my investment and consulting company. This is a great time for me to focus on XLR-8 and leverage my 41 years in a variety of businesses and sectors and my recent private investing and advisory experience with Cerberus and COAC, to raise money to acquire underperforming companies, and to help them operate more profitably and improve their enterprise value.”
Nardelli — criticized roundly for a top-down brand of management style and excessive compensation during his tenure at Home Depot — spent more than 30 years at General Electric Co. managing a wide range of businesses, including appliances, lighting, transportation and power systems. He also was chairman of Chrysler before becoming CEO of COAC in 2009.
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I was with THD under Bernie and Arthur and during the Nardelli nightmare. How the heLL Nardelli got past Bernie and Arthur no one knows. A non-retail guy taking over a huge retail giant just did not make sense. The mass exodus of employees who were part of the entrepreneur environment was terrible. And there was Nardelli's exit package. That really chapped some butts. Sad part was that nothing could be done about it since the Board agreed to it. Employees cried with joy when he left. They also cried with sadness for Chrysler. You would think that a Board of Directors would check the background of a CEO type person BEFORE they said YES.
Did not Nardelli do enough
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Nardelli went into the
Nardelli went into the seventh of his nine CEO lives when Cerberus which controls “Freedom Group,” a group of eight gun and ammunition makers (Great name for a gun maker) appointed Nardelli temporary CEO while Cerberus looks for a permanent CEO. A month after he arrived, 25 employees were terminated. He has already closed down one factory. In April 2011, Freedom Group, after discovering there was no one better, named Nardelli permanent CEO. Freedom is now on the GE culture road show that worships the gods of forced employee rankings, synergy, rationalization and Six Sigma. But wait in March 2012 it was announced that Nardelli was leaving Freedom and Cerberus and moving on to his eighth life as head of his own investment and consulting company called XLR-8. Did anyone tell him that XLR8 is the name of a song and dance boy group in the Philippines. Meanwhile Nardelli maintains his celebrity status, if you believe there is no such thing as bad publicity. In 2010 he made Newsweek’s top ten list of “CEOs Behaving Badly” http://www.newsweek.com/photo/2010/07/22/ceos-behaving-badly.html and he also made CNN’s list of the “Worse American CEOs of All Time.” http://www.cnbc.com/id/30502091?slide=5