At the meeting BN had the sleight of hand to post a chart showing the growth rate of HD, LOW, WMT for this year only and crowed about HD stock price being up 30% this year. Of course he did not mention that HD was the WORST DOW PERFORMER last year being down over 50% and was down the year before. LOW and WMT did not have similar records. But I guess we should come to expect this type of smoke and mirrors from the new management.
Tell me, do any of the sm/asm/dh wear the year of service badges ?
All our dh/asm/sm don't wear them, one told me the badges are for us to take home and put in a frame ! He don't wear any because he don't have to prove anything to anybody.
When we were trained, we were told the badges helped the customers find the seasoned help and to get the right answers fast !
Now the few of us old school types wear them are constantly getting customers from all parts of the store asking for help because nobody there knows what they are talking about.
If the dm wears the badges why not local mgmt ?
They want to hide and blend in with the racks.
I second that. They really turned things around at HD. I like the $500 mill in buy back shares which should help move the price up alone. Also 2.3 billion in cash? Thats insane. They are opening an additional 200 stores, creating 40,000 new jobs. If the markets continue to move upward, HD should outperform the DOW.
It's all he has to grab onto. HIs maniacal EGO prevents him from admitting the crushing defeat he suffered during FY 02. His modus operandi is to blame others and deny. Must admit, he is a consistent spineless
The reason HD gave for moving the meeting was so that "MORE shareholders could attend". Last year it was reported that 2000 plus attended in Atlanta. A reporter said a maximum of 500 attended in Chicago. I was there and noticed a bunch of shareholders disguised as empty seats. The hall only held less than a thousand so the expectations were targeted low. Every effort was made by HD to make it difficult for the shareholder including the $12.00 parking fee. BN has really made this a shareholder friendly company. With 75% less shareholders attending BN accomplished his goal. But he could have honestly stated his reasons for moving the meeting. Again, lets get a little honesty in HD management.
Did you truly think Nardelli was going to get up and focus on the negatives of the past 2-3 years? Assuming you work for HD, and that you recognize Nardelli as your CEO, would that have pleased you? If he had gotten into a shouting match with Evelyn Davis, would that have been good for HD? Are you advocating your top executive to conduct a soul cleansing confessional with national media attention pointed HD's way? Are you that naive? Are you that angry? Would you have yourself, and 300,000 fellow associates emabarrassed in such a manner? Would that raise your share price? Increase your 401k? Make you feel better in any way, shape, or form?
Or did he do the smart thing? Extoll the positives. Restate the goals. Answer a few critics. Conduct an annual meeting, not a circus sideshow as Ms Davis, and others desired. He presided over our most important meeting of the year in able fashion. Clearly he prepped for the task, and was up to the task. He grades out at a B+ for yesterday.
To answer your questions before you ask them. I voted counter to every BOD directive. I voted no to Nardelli, Langone,Grasso, and Penske to retain board seats. I'm not a yes man to anyone nor a mindless basher of any thing. I call them as I see them. Yesterday was perhaps a rebirth of a new HD culture, and in that respect perhaps a funeral for the old HD way. Some will mourn the loss, while others will praise the birth. Remember, change is one thing we must deal with every day, in every aspect of our lives. President Abraham Lincoln said "The dogmas of the quiet past are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise with the occasion. As our case is new, so we must think anew and act anew". Hopefully, we can do just that. Rise to the occasion.
Basic spin doctoring: selective reporting and the obvious timing of the the "buyback" (not necessarily the full 500M) and the reinvestment plan (4B, subject to revision). However, Nardelli and the Board definately know that they have been put "on notice" and stockholders and investors will be watching very closely if this "smokescreen" will dissipate quickly. The next step is to announce the appointment of a president, as promised last year, to add industry experience and real leadership at the helm. Candidates suggested include Taylor, Mercer or Edwards.
You are right on about MS Davis. Frankly I thing BN was too nice to her and gave her way too much time.
There is an old saying that "Honesty is the best policy". Years ago when the HD mangement team made an error they admitted in an annual meeting, said it would never happen again because it cost HD money, hurt the shareholders and explained how they corrected it.
No I am not looking for negatives but I am looking for a little bit of honesty. Certainly his decision to go to 50% part time was a large error and cost HD some reputation in customer service. Of course BN's ego would not allow him to admit he made an error by going to 50%, but he could have said HD is now back up to over 60% full time, and we are improving our customer service to a point we hope will be the best in the company's history. Shareholders, please go to our stores and see how we are doing. And here is an email address you can report to me your customer service experience. (At WMT you can email the CEO, Chairman of the board, individual directors or directors as a group. HD does not have this.)
Frankly I hope you are right about the changes and only time will tell. There is a fairly good study out that shows 95% of companies that have self serving CEO's go nowhere. I hope he bucks this study also.
that meeting a lot different than most. If you feel the meeting was so very negative may I suggest you either short HD or sell. (If you are even involved)
Perhaps you should have been there and talked to some of the HD people who were present. You MIGHT have come away with the impression that HD is in fact doing real well and making progress with some previous problem areas.
I really hope you see life better than your biased opinion of the HD meeting.
Your wording suggests to me that you are simply an alias of another poster would likes to repeat things way too often.
What is your HONEST position with HD???
Thank you for your passing on your experience and advice. It was real insightful of you to suggest I could go sell short or sell my long time long position. Right now if you don't mind, I would rather fight to get good professional management.
I was at the meeting and I think I saw you there. You were the goofy old guy with the baseball hat on that said BN was doing a good job and deserved a raise. The planted rahrah guy. You sure looked like BN's father. Now be HONEST, are you BN's father?
Or maybe you were not at the meeting.