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