- Abu Dhabi Will Aid Debt-Fraught Dubai 'Case by Case'
- Banks With The Biggest Exposure to The UAE
- Dubai's Debt Woes Signal New Era for Creditors
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- Bank of America Amends Pay for Senior Executives
- Tiger Woods Out of Hospital After Accident
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
MOST SHARED
Text Size 
Robert Nardelli's ouster as chairman and CEO of HomeDepot had the full approval of the board, including the man who had been his biggest supporter--Kenneth Langone, people close to the company told CNBC's Charlie Gasparino.
Langone, the lead shareholder and company co-founder, was actually a major force behind the move, these people said, countering speculation that he had supported Nardelli.
Langone's decision was in reaction to the company's floundering stock price under Nardelli's watch, these people said.
Langone declined repeated requests for comment. His spokesman Jim McCarthy also had no comment.
The move is an about face for Langone. He had personally recruited Nardelli six years ago from General Electric to replace former CEO Arthur Blank, himself a co-founder of the company.
During Nardelli's reign, Langone had been a staunch supporter. He was instrumental in clearing the way for Nardelli's massive salary in 2005 even as shares of the company sagged. The move was a source of criticism from shareholder activists, as CNBC reported, causing the board to consider cutting Nardelli's salary for 2006.
But in recent months, Langone had lost confidence in Nardelli, as did many other investors. As a co-founder, Langone is also one of the largest single holders of HomeDepot stock, and these people say he was personally distressed over the market reaction to news, first reported on CNBC, that private equity had been crunching the numbers on a possibly leveraged buyout of HomeDepot.
Shares of the company spiked [HD
Loading...
()
] on the news of Nardelli's resignation, indicating that the market believed a change in management was needed to jump start the stock.
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes