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 have been researching this
I have been researching this subject for a few days now for a report I am writing. Your post has been very helpful in this regard. Thanks for another great post. Steve
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I was with THD under Bernie
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
Did not Nardelli do enough damage to Home Depot and Cerebus to satisfy his appetite for failure. He should take his millions and find another industry to damage.
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
Market Recap: RISI Crow’s Construction Materials Cost Index
A price index of lumber and panels used in actual construction for March 9, 2012
*Western – regional species perimeter foundation; Southern – regional species slab construction.
Crow’s Market Recap — A condensed recap of the market conditions for the major North American softwood lumber and panel products as reported in Crow’s Weekly Market Report.
Lumber: Western SPF producers reported steady sales in enough volume to keep prices firm or moving moderately higher. An uptick in demand occurred Thursday in response to an up-limit move in futures. Volumes sold to overseas customers added to upward price movement. The East was not as active. Sales activity in the Southern Pine lumber market slowed, but not enough to keep dimension prices from achieving double-digit price increases. Broken tallies, extended delivery times and thin field inventories contributed to higher prices. Activity in the Coastal species lumber market remained steady, and dimension continued to sell at higher prices. Difficulty locating low-grade needs brought buyers back into the market looking for coverage. Tight log availability remained a market factor. An increasingly tight supply of Inland species lumber kept buyers on the hunt and mills in control of the market. The market started quiet, but by week’s end, mill order files were out as far as the first week in April and prices were higher. The lack of Ponderosa Pine boards kept buyers scrambling to find coverage. Finding tallies and ship times that met their needs was a difficult proposition. Sales of ESLP #2&Btr remained good. Eastern White Pine sales remained strong, as buyers looked for alternates to Ponderosa Pine. Light inventories of Idaho White Pine kept producers in control of that market. Sales of Radiata Pine Mld&Btr were steady. Sales of Shop were light, but limited availability kept prices firm. Increased activity for blanks continued, and prices were firm but unchanged. With the calendar fully into March, Western Red Cedar traders began looking ahead more earnestly toward spring. Buyers, sensing potential shortages of some items, have recently stepped up to purchase PTS volumes for delivery as far out as June.
Panels: The OSB market was what many described as "transitional" in nature. Activity was slower than last week, but producers reported sales at current market levels or a bit higher in some cases. Consistent takeaways in the distribution chain and the need for secondaries to replenish helped send Southern Pine plywood prices higher. Mill order files extended to the end of March and early April forced buyers to turn to wholesalers and distributors for coverage. After a sluggish start, Western Fir plywood mills reported upticks in demand on Wednesday and Thursday, but overall sales activity was usually described as only "fair." Availability at mills remained in the weeks of March 19 or 26. Sales volumes for Canadian plywood quieted from the prior week’s pace. Many traders felt mill order files, rather than a lack of need, kept buyers on the sidelines. Progress in both particleboard and MDF markets was still evident, no matter how gradual improvements might seem. Price increases have been initiated.
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