Yahoo! Shareholders Question Whether Marissa Mayer’s Decision To Pay Her Former Buddy $7.2 Million Per Month To Not Fix The Company Is A Bad SignBy Jon Shazar
CtW Investment Group, an arm of labor federation Change to Win, called on Yahoo to take steps to ensure it won’t overpay for executive talent, citing ousted chief operating officer Henrique de Castro’s estimated compensation of $109 million for just 15 months on the job.
“The decision to pursue Mr. de Castro so aggressively, but to then sever the company’s relationship with him so quickly, does not give us confidence that Yahoo’s turnaround strategy is progressing as you and we might have hoped,” Dieter Waizenegger, CtW Investment’s executive director, wrote in a letter to Yahoo Chairman Maynard Webb on Tuesday….
Mr. de Castro, who departed in January after clashing on numerous occasions with Ms. Mayer, walked away with about $109 million in compensation, including his salary, hiring bonus and a severance package worth more than $64 million, according to the estimate of executive pay researcher Equilar.