Unlike mere mortals, chief executives rarely doubt their own worth. Even by peer group standards, however, Bob Nardelli has long been in a pay grade of his own. That makes the $210m severance package the beleaguered boss of Home Depot has received for his exit no less grating.

During his six-year tenure at Home Depot, Mr Nardelli has overseen heavy investments, many of which have yet to deliver tangible returns, a loss of the home retailer’s entrepreneurial edge and a languishing share price. It would be unfair to blame Mr Nardelli for all the shares’ underperformance, compared, say, with arch-rival Lowe’s. Investors who paid more than 40 times Home Depot’s earnings in late 2000 were expecting too much from what was already a fairly mature retail business.