Yahoo can't be Serious

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About CEO Terry Semel's $71mm pay package for 2006, despite Yahoo's 60% decline in net income and 35% decline in stock price during the year. Institutional Shareholder Services and PROXY Governance have urged that shareholders protest the CEO's pay, which is more than 900% above the median of peers like eBay and Electronic Arts. The amazing thing is that Semel's $71mm pay represents a steep pay cut from the $231mm he took home in 2005, which shareholders also complained about. Yahoo is quick to cite that Semel "does not receive any perks, pensions or other retirement benefits, severance benefits, or any other deferred compensation, because he can buy his own small fully-staffed country with what we pay him."
In other news, Google increased its lead on the other search engines in April according to a ComScore report. Google accounted for 67% of all search queries in the month, up from 66.3%. Microsoft held flat at 7.7% but Yahoo slipped from 19.2% to 18.8%. Yahoo's official response was that the unseasonably cold April caused a slip in Yahoo searches, and that Google users are cold-hearted and full of secrets.
Proxy firms urge protest vote over Semel pay [San Jose Mercury News]
Google extends lead over Yahoo, Microsoft [eWeek]

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