In his TheStreet.com TV video Wednesday, Jim Cramer sang the praises of the recent announcement that Home Depot ( HD) CEO Bob Nardelli will resign.

"Hallelujah, Nardelli's gone," Cramer said. "This guy was a one-man wrecking crew."

Cramer referred to the criticism surrounding Nardelli's leadership of Home Depot. One of Nardelli's major mistakes was firing a lot of employees in an attempt to turn the company around, according to Cramer.

The real problem was that Home Depot was losing share to other "more exciting" places like Costco ( COST)and Lowe's ( LOW), Cramer said.

"Getting rid of Nardelli is worth a couple billion dollars but boom -- it just happened. You got the gain," Cramer said.

He advised considering selling Home Depot this morning up $2 and buying Lowe's. Cramer said Lowe's anticipated Nardelli's firing from $36, and is currently up from $32. He also dismissed rumors of a leveraged buyout with Lowe's.

"Nardelli out is big," Cramer said. "But the reaction from the market is perfect, correct and the news is totally in the stock."

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