The Huffington Post has agreed to partner with the Center for Economic and Policy Research (CEPR) to host a new website called Director Watch. Director Watch will bring to light the names of people serving on corporate boards who get large paychecks even as the companies they oversee are going down the tubes.
Home Depot dumped its CEO Bob Nardelli at the beginning of 2007, just over six years after he took the position. During his tenure, the market value of Home Depot stock had fallen by 40 percent, according to one estimate. Lowe’s, the main competitor for Home Depot, saw its stock price nearly double over the same period. Yet, Nardelli walked away with $240 million for his efforts…
If corporate directors are getting rich at the expense of shareholders and the economy more generally, the public should know. Director Watch will make it much easier for them to find out, serving as a resource for community and labor groups, the media and any interested member of the public.
We welcome this new source of information to the corporate governance industrial complex. See also: