On November 17, 2008, when the CEOs of Chrysler, Ford, and GM scurried from their private jets to ask Congress for a bail-out, they were asked if they would be willing to follow the Lee Iacocca model and take $1 in salary whilst their companies struggled for air. Bob Nardelli of Chrysler said he’d take the pledge. Neither Alan Mulally nor Rick Wagoner would join in for the salary cut. The Barometer reminds readers that Mr. Nardelli was the fellow hooted out of Home Depot by shareholders who lambasted him at the May 2006 annual meeting for his excessive pay. The Home Depot board didn’t even show up for the contentious annual meeting. Mr. Nardelli took no questions that day, listened for 30 minutes, and then shut the meeting down. He offered no explanation for the lack of correlation between Home Depot’s poor performance and his stellar pay (a skill set he obviously brought along with him to Chrysler, i.e., the old low-earnings, stock-in-the-tank, but high-pay model of management). The board, however, found its backbone following the annual meeting and sent Mr. Nardelli packing, with a $210-million-pay-package. And to really show him, the board added in another $20 million. Oh, what times are these when boards can lop on extra pay to punish executives who send a company’s stock diving. They fixed his wagon. Small wonder Mr. Nardelli can take a buck in pay for a year or two.  ‘Tis a sad day in Congress and in business when Mr. Nardelli proves to be the most sensitive guy in the room.  Â
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