Yahoo CEO takes massive financial hit over breaches
Yahoo CEO Marissa Mayer has been penalized financially for the massive security breaches that have taken place on her watch. You can read bout some of those breaches from our blog’s archive. In an SEC filing Yahoo said that Mayer did not receive her annual bonus for 2016 because certain senior executives failed to act properly when the breaches were discovered. Mayer’s bonus is said to be around the $2 million mark. Mayer also said that she would forgo any bonus for 2017 as well.
Mayer has asked that her bonus be distributed to Yahoo employees saying that they were the ones who contributed to Yahoo’s success in 2016. All of this comes in the wake of Verizon’s proposed purchase of Yahoo. Due to the breaches Yahoo’s price has been discounted by $350 million. If Mayer were to be fired by the Yahoo board she would receive a golden parachute of $44 million.
Yahoo general counsel Ronald Bell did not make out as well as Mayer. He resigned in wake of the breaches and received no financial payout from the struggling company.
Steven W. Giovinco, Online Reputation Management 4:09 pm on March 2, 2017 Permalink
A perfect example of how an online reputation can lead to extreme damage, and result in loss of millions of dollars.
Marissa Mayer to step down as Yahoo CEO. New CEO to make twice as much | Greg's Corner 9:58 am on March 14, 2017 Permalink
[…] As was expected, it was announced yesterday that Yahoo CEO Marissa Mayer would be stepping down from her position as Verizon is set to take over the company. Mayer was put in the unenviable position of trying to turn around an already failing company. While she made many bold moves, such as buying popular micro-blogging site Tumblr, fortune did not favor her in this endeavor due to the many security breaches Yahoo had under her watch. As was posted before, Mayer will be receiving a $23 million golden parachute with her departure. […]