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Here’s $210 million to go away.

I really hope that if I ever get fired for poor performance, my company gives me $210 million to ease my pain. That’s probably not counting tax gross-ups and “other items” that will undoubtedly show up in the SEC filing (I can’t wait for footnoted to take a whack at the severance agreement).

During Nardelli’s term as CEO, he was noted for doing away with local control of Home Depot’s substituting a military style top-down approach for the stores. Businessweek did a series of articles on Home Depot last year including one on his military style approach to management. That approach has led to a marked decline in customer service scores and many consumers (myself and my wife included) dread going to Home Depot because of the lack of people to actually help the customer find what they need in their poorly labeled warehouse-type stores.

The main reason for the decline in customer service is that Nardelli’s top-down style forced managers to cut costs at all costs. All stores were micro-managed by regional managers who were micro-managed by their managers. The easiest way to cut costs was to cut customer service people, the race to the bottom many companies seem to be engaged in.

Luckily, Lowe’s (who has been eating Home Depot’s lunch during Nardelli’s tenure) is building a new store that is closer to our house than even the Home Depot. Under Nardelli, Home Depot has lost market share and the stock price is down 8% during his six year tenure. Of course, his pay package hasn’t suffered along with the stockholder. He has made at least $225 million in his six years on the job and refused to listen to shareholders at an Annual Meeting when they dared to question his pay.

Now, he’ll receive another $210 million. He’s received almost a half billion dollars for six years work. Nice work if you can get it. I don’t think Home Depot shareholders feel the same way.