Home Depot Not Fixed

"Institutional investors are fed up with the unbridled excesses of executive compensation in the U.S.," said Thompson in a release. A spokesman for his office said Wednesday that Nardelli's departure from Home Depot doesn't change the comptroller's position. Collectively, New York City workers own over 6 million shares of Home Depot.

Richard Ferlauto, director of pension and benefits policy with the American Federation of State, County and Municipal Employees says that "there are probably some larger financial institutions that have sold off Home Depot shares or are threatening to, and that's what might have pushed Nardelli out."

Ferlauto says his organization, which manages pension investments for government employees, owns 23,000 shares of Home Depot. He led public protests against Nardelli and the retailer's board at the controversial meeting last June, and he says Wednesday's announcement does little to respond to his criticism.

"Nardelli's departure is a step in the right direction, but to really finish the job, we have to put in place a board of directors that is much more accountable to shareholders," says Ferlauto. "Our fight will continue until that happens."