Print
    20 July 2012| last updated at 10:25AM

    New Yahoo! chief gets plump pay package



    0 comments

    SAN FRANCISCO: Yahoo! chief Marissa Mayer will be paid one million dollars a year and be eligible for many times that amount in stock and bonuses if she hangs on to the post, the company revealed on Thursday.

     

    In the past year, Yahoo! has racked up five bosses, two of them interim  chiefs who filled in after dismal ends to stints by Scott Thompson and Carol  Bartz.
     
    In addition to a US$1 million annual salary, Mayer will get US$2 million yearly  in bonus cash if Yahoo! hits financial performance marks, according to  paperwork filed with the US Securities and Exchange Commission.
       
    Mayer — who was named to the job on Monday — this year will also get US$12  million in stock grants and options that will vest over the coming three years,  the filing indicated.
       
    The 37-year-old will get a “one-time retention award” totalling US$30 million  worth of stock and stock options to vest during a five-year period, according  to the Sunnyvale, California-based company.
       
    Mayer will be award another US$14 million worth of stock to make up for  compensation she forfeited by leaving Google this week to take charge of Yahoo!.
       
    Mayer — one of Google’s first employees — is now arguably the most  prominent woman in Silicon Valley and a rare female CEO at one of America’s  largest firms.
     
    After the end of this year, Mayer will also be eligible to enjoy benefits  generally available to other top Yahoo! executives, such as 20 days of vacation  annually.
     
    At Google, Mayer was responsible for local and geographical products  including Google Maps, Google Earth, Zagat, Street View, and local search for  desktop and mobile.
     
    She joined Google in 1999 as its 20th employee “and led efforts for many of  Google’s most recognizable products, including the development of its flagship  search product and iconic homepage for over 10 years,” according to Yahoo!.
       
    The appointment “signals a renewed focus on product innovation to drive  user experience and advertising revenue for one of the world’s largest consumer  Internet brands,” Yahoo! said.
     
    No sooner was Mayer named chief executive of Yahoo! than she announced  she’s pregnant. In doing so, she ramped up a lively ongoing debate in the  United States about working moms.
     
    Mayer took to Twitter to say she’s expecting “a new baby boy” in October  with partner Zack Bogue, a venture capitalist.
     
    “I like to stay in the rhythm of things,” she later told Fortune magazine.
     
    “My maternity leave will be a few weeks long, and I’ll work through it,”  she added, as if to reassure Yahoo! shareholders that motherhood won’t get in  the way as she settles into her new corner office.
     
    Yahoo! — which Tuesday reported a four percent drop in quarterly profits  to US$226.6 million — is struggling in the dog-eat-dog world of Internet  technology. -- AFP

    Leave Your Comment


    Leave Your Comment:

    New Straits Times reserves the right not to publish offensive or abusive comments and those of hate speech, harassment, commercial promos and invasion of privacy. Your IP will be logged and may be used to prevent further submission.The views expressed here are that of the members of the public and unless specifically stated are not those of NST.