Terminated Yahoo! COO Nets A Cool $58 Million Along With His Pink Slip

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News Posted: Thu, Apr 17 2014 11:57 AM
Not to self: Yahoo isn't a bad place to work for. Second note to self: Yahoo is an even better placed to be fired from. We know, that sounds insanely crazy, and typically speaking, that's a bunch of hogwash (the part about being fired from Yahoo, that is), But it turned out to be true for Henrique de Castro, Yahoo's former Chief Operating Officer who was given one heck of a severance package.

Yahoo revealed in a filing with the SEC today that de Castro received a severance package worth $57.96 million in cash, restricted stock units that vest over time, stock options linked to performance, and Make-Whole RSUs. That's not a golden parachute folks, that's a platinum parachute laden with diamonds.

Thanks Yahoo
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His ousting came in January of this year when Yahoo CEO Marissa Mayer handed him a pink slip. It's been reported that she wasn't pleased with his performance in beefing up the company's advertising revenue, especially with the high expectations that were laid upon him after being able to build Google's display ad business.

"During my own reflection, I made the difficult decision that our COO, Henrique De Castro, should leave the company. I appreciate Henrique's contributions and wish him the best in his future endeavors," Mayer wrote in a memo to employees at the time.

The filing states that de Castro was not given a performance bonus, though he did earn a base salary of $600,000 in 2013, along with stock grants and options, all of which brought his total compensation to $11 million.

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With a severance package like this, what is the incentive to do a good job?

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RWilliams replied on Thu, Apr 17 2014 2:27 PM

Yahoo! could fire me any day.

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I ran across an interesting article last week that said Amazon is offering its warehouse guys up to $5,000 to quit (read it HERE)! 

 

"The goal is to encourage folks to take a moment and think about what they really want. In the long-run, an employee staying somewhere they don't want to be isn't healthy for the employee or the company," Amazon Chief Executive Jeffrey Bezos explained. 

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realneil replied on Thu, Apr 17 2014 9:15 PM

Nice way to leave,.....LOL!

Dogs are great judges of character, and if your dog doesn't like somebody being around, you shouldn't trust them.

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