Another Executive Compensation Story That Could Outrage You Courtesy of Yahoo
Ousted Yahoo exec's golden parachute may be a record
Henrique de Castro is leaving Yahoo with an severance package estimated to be more than $60 million, one of the largest golden parachutes ever given to an executive who was fired.
de Castro, the chief operating officer, was shown the door by Yahoo (YHOO, Fortune 500) CEO Marissa Mayer, apparently due to disappointing performance in improving Yahoo's advertising revenue. Mayer reportedly wrote in a memo to staffers this week that said, "I made the difficult decision that our COO, Henrique de Castro, should leave the company."
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One thing that makes de Castro's package so notable is that the former Google (GOOG, Fortune 500) executive was only at Yahoo for 15 months. And he was one of the top paid executives while he was there.
Even though he joined the company in November 2012, Yahoo estimated his pay for the year at $39.2 million, which was more than even Mayer received in total compensation. Much of it was due to a $20 million one-time payment to compensate him for Google bonuses he forfeited when he changed companies.
http://money.cnn.com/2014/01/17/technology/yahoo-golden-parachute/index.html?hpt=hp_t2
