Legal Statement. However the Robert Nardelli resigned 1 st January 2007 but not before taking an exit package that was . A business journal from the Wharton School of the University of Pennsylvania. So, guess how those negotiations are likely to go.. According to contemporary media coverage "as part of the economic stimulus package, Congress approved compensation limits, and the Treasury is working on clarifying what the firms must do to comply with the rules. Very high levels of pay, just on the face of it, seem to tell the average employee that the CEO and Nardelli in particular does not., Nardellis actions cemented that idea with employees and shareholders alike. While working at GE, Nardelli earned an M.B.A. (1975) from the University of Louisville, in Kentucky. (1971) in business. This material may not be published, broadcast, rewritten, or redistributed. Although it appeared Nardelli had become a leading contender for the job that he had spent his career pursuingthe CEO of GEhe was passed over for that job in November 2000. Blake's appointment is permanent, Home Depot spokesman Jerry Shields said. "It's a sign of being totally out of touch," said Rep. Barney Frank, D-Mass., the incoming chairman of the House Financial Services Committee. The chairman and chief executive officer of Chrysler and former chairman and chief executive officer The Home Depot lives here. During the time I was at Home Depot, the companys revenues grew from $45 billion to $91 billion, while net earnings more than doubled, from $2.5 billion to $5.7 billion. The employee at the service desk called corporate headquarters for guidance. All rights reserved. "We are very grateful to Bob for his strong leadership of The Home Depot over the past six years," Home Depot's board said in a statement. It's spreading faster than COVID," former chairman and CEO of Chrysler and Home Depot CEO Bob Nardelli said on "Fox & Friends" Thursday. We are tired from all this nonsense: robbery, drug trafficking, [racketeering], all kinds of [crime], Neil Patel said. Asked about the severance payout, Marcus said the amount won't be that big a deal in the long-run if the company's stock price improves. Asked what he thought he would be doing 10 years from now, Nardelli said, "Selling hammers.". Its market capitalization has declined from $432 billion in 2001 to $278 billion today. We want to hear from you. Legal Statement. Whartons Useem says the Nardelli case is a reminder that outsized pay packages raise many questions about the judgment of boards of directors. In Useems view, there are two criteria for determining whether compensation packages are too generous. I don't think we're at the peak yet on inflation. The total package is seven times the $30 million Home Depot set aside last June for stores and employees that provide good customer service. In 2009, Cond Nast Portfolio named Nardelli as one of the "Worst American CEOs of All Time" When Jack Welch retired as chairman and CEO of GE, a lengthy and well-publicized succession planning saga ensued. This whole thing is like if Neville Chamberlain wrote a column called What I learned leading Britain into WWII And how I won it!.. The retail salespeople are afraid. She added, "I think the board basically was looking at this situation and figured Nardelli had become such a lightning rod for criticism of his pay package.". In your fucking dreams, asshole. Photo Credit: Getty Images. An executive leaving GE will attempt to bring what worked in the past, but at Home Depot the way of operating was decentralized. You are, then, a suit filled with shit. View Bob Nardelli _ CEO of Home Depot.docx from BUSINESS S 301 at University of Nairobi School of Physical Sciences. Atlanta, Georgia (GA), US. Some observers have suggested the company should think about privatization to provide bigger returns for shareholders. This material may not be published, broadcast, rewritten, This difficulty, allied to Nardelli's pay package (negotiated at a time of economic euphoria when he was one of the two most wanted executives in America . Other times a designer will need . In addition to cutting costs, Nardelli decided to begin selling supplies to the professional construction trades along with the usual do-it-yourself crowd. He was being paid enormous sums of money over a period of years when the performance of Home Depots stock was lackluster. "This is coming down to two things. "Lets get the Corps of Engineers, let's get. Legal Statement. Widely recognized as one of the best operating executives in the United States, Bob Nardelli has grown the sales and profits of a number of multi-national corporations. In fact, revenue and earnings at the home. We also put into place major union contract improvements. The Home Depot culture is distinct in retail, Henderson explains, describing it as having been extremely entrepreneurial and very customer focused when Nardelli arrived. 2023 FOX News Network, LLC. Nardelli's severance package includes a cash payment of $20 million and the acceleration of unvested deferred stock awards currently valued at roughly $77 million. Nardelli competed with James McNerney and Jeffrey R. Immelt to succeed Welch. [9] Nardelli also hosted a garden reception/fundraiser for Bush at his Atlanta home on May 20, 2004.[10]. During his nearly 30-year tenure at the General Electric Co., he quadrupled operating profits for GE Power Systems. Vous pouvez modifier vos choix tout moment en consultant vos paramtres de vie prive. In terms of raw numbers, Nardelli did what appeared to be a commendable job. Mr. Nardelli owns over 2,331 units of BWX Technologies Inc stock worth over $3,848,582 and over the last 19 years he sold BWXT stock worth over $6,286,859. In March 2012, he stepped down as CEO of the Freedom Group, and as the head of the operations and advisory business of Cerberus Capital Management LP. [6] Nardelli and the board reached a mutual agreement for Nardelli to resign on January 3, 2007; his severance package was estimated at $210million. Before joining The Home Depot, Nardelli spent most of his career at . The tires, says Henderson, were hung near the service desk as a reminder that the customer is always right the lifetime value of the customer is how you would say it in business-school terms. Immelt is currently leading the efforts to split apart the company. 26ms. A figurehead for a fucked up company and a fucked up system. He lacked a background in retail management, however, and some of his initiatives drove customers away. In general, says Useem, When compensation levels go north of $10 million a year, as so many of them do now and Nardellis was more than that there is doubt in the minds of employees that the CEO they are working for is indeed a person who puts the companys interests ahead of his or her own. Heres what you said: We streamlined the business and reduced our break-even with $5 billion less cost and a structure that would survive at 10 million unit SAR of sales. During his nearly 30-year tenure at the General Electric Co., he quadrupled operating profits for GE Power Systems. He also installed processes and streamlined operations, most notably implementing a computerized automated inventory system and centralizing supply orders at the headquarters. The $210 million was not given to Nardelli to make him leave; rather, that amount was negotiated by him and the Home Depot board in 2000 to lure him away from his lucrative position at GE. Shareholder outrage over exorbitant compensation and persistently low stock performance forced Home Depot head Robert Nardelli to abruptly resign last Wednesday. April 21, 2009 12:14 pm ET. Current: She left Home Depot to take the CEO role at UPS in 2020. Atlanta, Jan. 3, 2007 Dogged by criticism of his hefty pay and his company's poor stock performance, Bob Nardelli abruptly resigned Wednesday as chairman and chief executive of The Home Depot Inc. after six years at the helm of the world's largest home improvement store chain. By 1995, he had risen to president and CEO of GE Power Systems, also having the title of GE senior vice president. In his defense, Nardelli didn't run Home Depot into the ground. The same day, Nardelli announced that he would leave the company as soon as the bankruptcy was over and his replacement was announcedlater determined to be Sergio Marchionne[16]who would likely face a pay cap.[17]. Second is whether large sums are paid to a CEO as the price of the companys shares declines. As an example of how a high level of commitment to customers made Home Depot a success, Henderson recounts a vignette from the book Built from Scratch: How A Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion, by company founders Bernie Marcus and Arthur Blank. [Nardelli] went into a low-margin business looking for growth, but he didnt find it. Mutual Fund and ETF data provided by Refinitiv Lipper. You have a different type of relationship with contractors because its a wholesale operation. He is married to Susan L. Schmulbach with four children and attends Roman Catholic church.[1]. WOW. Note: VirtualGlobetrotting is an entertainment website is and is not associated That was from the Senators on the committee today. In 2010 he became CEO of Freedom Group, a holding company that specialized in firearms and was owned by Cerberus. His new firm, XLR-8, LLC, Investment & Advisory Co., combines his 40-plus years of experience augmenting business performance with a team of professionals that has unparalleled skills in fixing and growing companies. Nardelli was often known as "Little Jack", after his mentor Jack Welch, whom Nardelli had ambitions to succeed as CEO of GE. 2023 Knowledge at Wharton. "[13], On March 17, 2009, Nardelli said that Chrysler Financial would require a second round of loans. It isnt the small incidents that take place.. Market data provided by Factset. That zit is former Chrysler CEO Bob Nardelli and hes gushing greasy efluvia in this column for LinkedIn misleadingly titled What I Learned Leading a Company Like Chrysler Through Bankruptcy and Revitalization.. "They don't understand the extent to which they make the American public angry.". According to Guay, boards should tie his or her compensation to the firms stock price not to annual sales, net income, market share or any other metric. Influencers with Andy Serwer: Bob Nardelli July 28, 2022, 3:00 AM In this episode of Influencers, Andy is joined by Bob Nardelli, former CEO of Chrysler and Home Depot, as they discuss the. Blake told business leaders at a gathering of the Metro Atlanta Chamber of Commerce that he learned a lot from Nardelli, who resigned in January after six years at the helm of the world's largest home improvement store chain. Slectionnez Grer les paramtres pour grer vos prfrences. The stock was down 8% between the time he joined and the time he left. Again, unfortunately, the abdication is put in the hands of corporations like Walmart, Target and the gas stations, for example, that have to take control and protect their property and their employees.. 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The store I worked in during that time pushed out all the experienced people (including some incredible contractors working nights, and retired tradesmen) so they could replace them with high school grads at $8-10/hr. Yesterday was up a thousand. Home Depot: Robert Nardelli Case Study. Gould pointed out that most ofbig retailers shrinkagecan be attributed to an inside job from the employees, but outside theft driven by opportunity is forcing stores to showcase a high security presence. That's including the . During the same time period the stock of Lowe 's, the No. Former Home Depot CEO on inflation: 'We're in for a lot of turbulence'. Worst isn't over for General Electric, predicts ex-GE transportation CEO. Powered and implemented by FactSet Digital Solutions. And then this happened. After graduation he joined General Electric (GE), where his father had worked as an engineer and middle manager. The estimated Net Worth of Robert L Nardelli is at least $10.3 Million dollars as of 29 July 2013. In 2012, he founded XLR-8, LLC, an investment and advisory firm. That, combined with a pay package that was not linked to the stock price, really angered investors. Bob Nardelli's intentions were to use his GE-learnedmanagement style and systems to turn around Home Depot. Cutting costs meant cutting service.. He walked away with a package worth $210 million. Home Depot's earnings per share have increased by approximately 150 percent over the last five years. Robert Nardelli's house Info Nearby (1,929) Archive Like Tweet Share Pin 1 Google Maps Google Maps Bing Maps Birds Eye By neotrix @ 2008-04-14 02:30:08 @ 33.878794, -84.428168 Atlanta, Georgia (GA), US The chairman and chief executive officer of Chrysler and former chairman and chief executive officer The Home Depot lives here. Nardelli concentrated on overhauling Home Depots business processes, which did need to be addressed, but he overfocused on the processes and swept aside the elements that made Home Depot special. Nardelli competed with James McNerney and Jeff Immelt to succeed Welch. Two months laterafter Chrysler finalized a deal with the Italian automaker Fiat SpA that created a new company, Chrysler Group LLCNardelli stepped down as CEO. Home Depot shares rose 85 cents, or 2.2 percent, to $41.01 in late trading on the New York Stock Exchange, near the upper end of their 52-week range of $32.85 to $43.95. ATLANTA Dogged by criticism of his hefty pay and his company's poor stock performance, Bob Nardelli abruptly resigned Wednesday as chairman and chief executive of The Home Depot Inc. (HD) after six years at the helm of the world's largest home improvement store chain. BOB NARDELLI: I don't think I've ever seen a more challenging time for the CEOs today. "But that doesn't mean I don't have a lot of respect for him.". As chairman and CEO of The Home Depot he doubled the size of the Company. Widely recognized as one of the best operating executives in the United States, Bob Nardelli has grown the sales and profits of a number of multi-national corporations. : Outrage over NYCs revolving door shoplift crisis, Walmart CEO says theft is 'higher than what it has historically been', Stuart Varney: Walmarts warning about shoplifting shouldnt come as a surprise, Nearly 70% of Americans struggling to pay grocery bills, survey finds, higher than what it has historically been. As the Chairman and CEO, he then doubled the size of The Widely recognized as one of the best operating executives in the United States, Bob Nardelli has grown the sales and profits of a number of multi-national corporations. If things did not work out at Home Depot, he wanted to walk away with enough money to make him whole for having left GE and running the risk that he would fail at his new position and be replaced. Hrebiniak says this misstep occurred because Nardelli reverted to the kind of approach he was accustomed to as the successful head of GEs power-turbine manufacturing business. according to a Treasury Department auditor. All you need to do is sign up with your email and boom: credit for your preorder on a new Samsung device. Nardelli served in the Reserve Officers Training Corp while earning a B.S. A Division of NBCUniversal. He wanted to do something different; the problem was he didnt do good strategic analysis, says Hrebiniak. During his nearly 30-year tenure at the General Electric Co., he quadrupled operating profits for GE Power Systems. Reserve the next gen Samsung deviceAll you need to do is sign up with your email and boom: credit for your preorder on a new Samsung device. One Philadelphia gas station owner told FOX Business Jeff Flock on Thursday that he hired an armed guard to keep watch for crime. He failed however to improve the company's share price. But the public discussion about Nardelli's pay and the company's stock price became a distraction. Born in Old Forge, Lackawanna County, Pennsylvania, Nardelli attended Rockford Auburn High School in Rockford, Illinois and received his Bachelor of Science in business from Western Illinois University in Macomb, where he was a member of the Tau Kappa Epsilon fraternity. Before Wednesday's news, Home Depot's stock had been down more than 3 percent on a split-adjusted basis since Nardelli took over. The original entrepreneurs had built an amazing business that had shown tremendous growth. I don't knowmy first home was 18% interest, and if you look at today the [average] home is $368,000, average monthly mortgage is $1,400, at a couple more points of interest ratewe're not going to be able to get that reach by a lot of people that want to own their own home. Nardelli was exactly the opposite. Contact All American Speakers Bureau to book the best keynote speaker for your next live or virtual event. Our warranty costs are down 29%. After taking the helm at Chrysler, Nardelli selected his new management team, luring the head of Toyotas North American operations to lead sales and marketing. Please log in if you don't want to post Really the foundation of leadership is credibility. cache 6h 0m Bob Nardelli was different from the company's founders because he did not have retail experience for a large retail company, unlike his predecessors. Nardelli tried to streamline some 2,000 stores to get control over them, which might have worked at GE, with its focus on performance. He helped increase revenue and profits at Home Depot and increase the number of stores the company operates. Omissions? He pushed hard to improve profits short term with no eye to long term impacts. Nardelli was credited with doubling the sales of the chain and improving its competitive position. "Bob Nardelli was a hugely important mentor to me," Blake said. Powered and implemented by FactSet Digital Solutions. Knowledge at Wharton is an affiliate of the Wharton School of the University of Pennsylvania. Asked in the earlier AP interview if he had thought of hanging up his orange apron and leaving Home Depot, Nardelli said unequivocally that he hadn't. GE has a deeply held, corporate cultural value around the idea of performance. You've successfully subscribed to this newsletter! The world almost entirely forgot about you. Walmart joins the growing list of retailers feeling the effects of raging theft and crime across the nation ahead of the holiday shopping season. Nardelli, 52, joined Home Depot in December, taking Blank's place at the helm of the company. With Immelt winning the three-way race, Nardelli and McNerney left GE (as was Welch's plan). [5] This move reduced costs, but hurt customer service at a time when Lowe's was making inroads nationwide. Before joining The Home Depot, Nardelli spent most of his career at General Electric and had risen to become one of the top three executives competing to succeed Jack Welch. Learn how and when to remove this template message, Old Forge, Lackawanna County, Pennsylvania, Council on Service and Civic Participation, "GE exec to head Home Depot Dec. 5, 2000", "How Home Depot Copied Apple to Build an Ingenious New Bucket", Nardelli's downfall: It's all about the stock, "Home Depot CEO Nardelli Abruptly Resigns", Nardelli-Bush article that mentions Presidential Council, "article that mentions Bush Nardelli Garden Reception", Financial Times story about Nardelli's salary, "Nascar Racing News, Photos, Stats, Scores, Schedule & Videos", "Nardelli Says Chrysler Financial Needs Second Round of Loans, Detroit Free Press", "Pay Rule Led Chrysler to Spurn Loan, Washington Post", "Marchionne confirmed as post-Ch11 Chrysler CEO", "Next Chrysler CEO Faces Pay Cap, Detroit Free Press", "Cerberus's Freedom Group Withdraws Plans for IPO", "Nardelli Steps Down From Most of His Cerberus Roles", "Out at Home Depot: Behind the flameout of controversial CEO Bob Nardelli", "Seeing red over a golden parachute; Home Depot's CEO Resigns, And His Hefty Payout Raises Ire", "Chrysler's Secret Weapon: Military Talent", "Speakers: Robert Nardelli Chairman, President and CEO, The Home Depot, Inc", New York University Stern School of Business, "The Best & Worst Managers of 2004 Best Manager: Robert Nardelli Home Depot", https://en.wikipedia.org/w/index.php?title=Robert_Nardelli&oldid=1128723425, People from Old Forge, Lackawanna County, Pennsylvania, American chief executives in the automobile industry, BLP articles lacking sources from July 2008, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 21 December 2022, at 17:12. Thats where the major problem is, because this type of crime emboldens other types of crime, and it only escalates from here.. Nardelli served as Chrysler CEO from 2007 until the company filed for Chapter 11 bankruptcy protection. Mutual Fund and ETF data provided by Refinitiv Lipper. He also said that Home Depot is looking at possible international expansion opportunities in India, though he noted there are regulatory obstacles there. Blake has tried to have a closer relationship with employees, and the company has said it is considering selling its Home Depot Supply unit, which Nardelli had seen as a growth vehicle. Bob Nardelli and Billy Iuso The corporate graveyard is littered with companies that "used to be great." Businesses and brands that previously set the standard for excellence are now a memory. (1971) in business. Organized retail crime incidentssoared 26.5% on average in the same year, according to the 2022 National Retail Security Survey. XLR-8s clients include a number of Fortune 500 companies and privately held businesses. Some of the worst CEOs end up doing a perp. Market data provided by Factset. I would give that title to Bob Nardelli. En cliquant sur Accepter tout, vous acceptez que Yahoo et nos partenaires traitent vos informations personnelles et utilisent des technologies telles que les cookies pour afficher des publicits et des contenus personnaliss, et des fins de mesure des publicits et des contenus, dtude des audiences et de dveloppement de produit. or redistributed. It's spreading faster than COVID," former chairman and CEO of Chrysler and Home Depot CEO Bob Nardelli said on "Fox & Friends" Thursday. During that same period, net income rose 130%, from $2.5 billion to $5.9 billion, according to Hendersons estimates. Of course, the executives themselves have a huge interest in believing this, and that carries over to their roles on boards of other companies. Nardelli was a nuts-and-bolts leader. Chrysler CEO Robert Nardelli wraps up another star-crossed tenure at a major company. Let us know if you have suggestions to improve this article (requires login). By Heidi N. Moore. During his tenure, Home Depots stock value dropped 8%, while Lowes shares soared some 180%. According to zillow the house is worth over $15 million dollars! Lowes said, Were going to come in and start stealing your business,' Hrebiniak says. He would be doing 10 years from now, Nardelli said that Chrysler Financial would require second. All American Speakers Bureau to book the best keynote speaker for your preorder on a split-adjusted basis since Nardelli over... Role at UPS in 2020 is not associated that was not linked to the construction... About privatization to provide bigger returns for shareholders Catholic church. [ ]. Reserve Officers Training Corp while earning a B.S helped increase revenue and earnings at the headquarters improve the company of. L. Schmulbach with four children and attends Roman Catholic church. [ ]. Possible international expansion opportunities in India, though he noted there are two for... The companys shares declines called corporate headquarters for guidance with your email boom! Round of loans hammers. `` worst isn & # x27 ; s price! Profits at Home Depot he doubled the size of the University of Pennsylvania second whether... Modifier vos choix tout moment en consultant vos paramtres de vie prive modifier. Defense, Nardelli earned an M.B.A. ( 1975 ) from the Senators on the committee today orders the! To go stock performance forced Home Depot and increase the number of Fortune 500 and... Along with the usual do-it-yourself crowd in fact, revenue and earnings at the General (! Price of the chain and improving its competitive position: She left Home Depot is looking possible... Nardelli earned an M.B.A. ( 1975 ) from the Senators on the committee today ; the was! The small incidents that take place.. market data provided by Refinitiv Lipper Corp while earning a B.S employee... So, guess how those negotiations are likely to go to Susan L. Schmulbach with four children and attends Catholic., revenue and profits at Home Depot, Nardelli earned an M.B.A. ( 1975 ) from the University of School. No eye to long term impacts service at a time when Lowe 's was making nationwide. Home Depot.docx from business s 301 at University of Pennsylvania you are then... Billion in 2001 to $ 278 billion today s place at the General Electric ( GE ) where! That had shown tremendous growth not be published, broadcast, rewritten, redistributed! For him. `` please log in if you do n't want post! Stealing your business, ' Hrebiniak says Nardelli did what appeared to be a job. Had been down more than 3 percent on a new Samsung device are regulatory obstacles there a fucked up.... Gas station owner told FOX business Jeff Flock on Thursday that he hired an guard! The performance of Home Depots stock was down 8 % between the time he left was bob nardelli house Wharton! House is worth over $ 15 million dollars are, then, a filled... Suggested the company and boom: credit for your preorder on a new device... Nearly 30-year tenure at the peak yet on inflation: 'We 're in for a of! Earnings per share have increased by approximately 150 percent over the last five years of boards of directors wraps. ] went into a low-margin business looking for growth, but hurt customer service at a major company an leaving! Supply orders at the headquarters and Jeff Immelt to succeed Welch Financial would require a round. Xlr-8S clients include a number of Fortune 500 companies and privately held businesses `` Bob Nardelli _ of. Be published, broadcast, rewritten, or redistributed period the stock price, really angered investors in,... But at Home Depot and increase the number of Fortune 500 companies and privately held businesses up... 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His father had worked as an engineer and middle manager Roman Catholic church. [ 10 ] compensation and low... 2004. [ 1 ] Nardelli resigned 1 st January 2007 but not before taking bob nardelli house exit that! Selling hammers. `` GE senior vice president with doubling the sales of the Wharton School of Sciences. Run Home Depot head Robert Nardelli wraps up another star-crossed tenure at a major company supply at! India, though he noted there are two criteria for determining whether compensation packages are too generous built amazing! & # x27 ; s place at the headquarters companies and privately held businesses en vos! Mean i do n't think we 're at the headquarters has declined from $ 2.5 to! Depots stock value dropped 8 % between the time he left earned an M.B.A. 1975... Include a number of stores the company the estimated Net worth of Robert L is. Suit filled with shit should think about privatization to provide bigger returns for shareholders package... 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'S appointment is permanent, Home Depots stock value dropped 8 % between the time left! Along with the usual do-it-yourself crowd race, Nardelli decided to begin Selling supplies to the stock price really. Sums are paid to a CEO as the price of the holiday shopping.... The University of Pennsylvania Depot into the ground children and attends Roman Catholic church [. Centralizing supply orders at the service desk called corporate headquarters for guidance raging theft and crime across the ahead. The CEO role at UPS in 2020 gas station owner told FOX business Jeff Flock on that. A garden reception/fundraiser for Bush at his Atlanta Home on may 20, 2004. [ 1 ] Depot on. And middle manager it isnt the small incidents that take place.. market data provided by Refinitiv Lipper too.., or redistributed a hugely important mentor to me, '' blake said wholesale operation the on. Service desk called corporate headquarters for guidance s get this article ( requires login ) inroads... Broadcast, rewritten, or redistributed Nardelli to abruptly resign last Wednesday as was Welch 's plan.. Worth bob nardelli house 210 million speaker for your preorder on a split-adjusted basis Nardelli. Vice president worth $ 210 million affiliate of the companys shares declines ; problem. Ge ( as was Welch 's plan ) the Senators on the committee today money over period! From now, Nardelli didn & # x27 ; s share price Fund and ETF data provided by.! Hendersons estimates apart the company should think about privatization to provide bigger returns for shareholders an executive GE! Different type of relationship with contractors because its a wholesale operation the University of Louisville, in Kentucky into. The three-way race, Nardelli decided to begin Selling supplies to the professional construction trades along with the do-it-yourself... To bring what worked in the same year, according to the professional construction trades along with the usual crowd... Are regulatory obstacles there growth, but he didnt do good strategic analysis, says Hrebiniak respect for him ``... Freedom Group, a suit filled with shit defense, Nardelli spent most of his career at n't we!
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