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The numbers in an SEC filing this evening are amazing — even if they don’t approach the astronomical outlays we so frequently see at Big Media companies including Viacom, Discovery, Disney, and News Corp. Yahoo’s new CEO will receive a base salary of $1M, an annual bonus targeted at $2M based on Yahoo’s financial performance, an equity award for 2012 of $6M (vesting over three years), and a $6M stock option (vesting over 2 and a half years). There’s also a one-time retention award with $15M in restricted stock that vests over five years, plus a $15M performance-based stock option vesting over 4 and a half years. To partially compensate Mayer “for forfeiture of compensation from her previous employer” Yahoo is giving her restricted stock worth $14M that will vest through 2014. Mayer will get 20 vacation days a year, up to $25,000 to reimburse her for the legal expenses incurred for the agreement, as well as $50,000 a year to pay for security. She’d better watch out, though. “Ms. Mayer’s bonuses and equity grants will be subject to the Company’s ‘clawback’ policies as in effect from time to time” the document says.
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Still big questions about her management skills, but seeing as though this is the most positive ink yahoo has gotten in some time… she seems worth every penny.
SB
If Marissa can turn around Yahoo giving meaningful future focus and maximizing revenue…she is worth every penny.
The question is…”If?”
Net/net, I wonder if this was a raise or pay cut (taking into account what she left on the table at Google and Yahoo’s likely prospects vs Google’s.)
I would have done it for half that.
Guys, she’s an engineer. If she’s on-track with Yahoo, she’s out in a year.
So this is what all those annoying ads are paying for.
Um Sarah, she’s been managing the best engineering teams in the world for the last 13 years. I think she’ll be ok. I seriously hope that wasn’t a serious comment.
There is a difference between being an executive for an engineering team and being a CEO. Yahoo needs a huge turn around and it’ll take great vision and effort for it to happen. She needs to prove herself in the world of CEO first.
The hardest part for me to swallow when things like this happen is that there was a room full of people at Yahoo that had NO IDEA how to run Yahoo, and they had NO IDEA where to find someone who could, so they felt the need to throw $59 million at someone in the hopes they would do the trick. Really? You couldn’t get 59 people and pay them $1 million each to do they same amount of work?
I just have one question…WHY? This woman hasn’t proved herself within a managerial role and yet Y! is that desperate to be throwing all this money towards her, as if that is going to be the magic lure to turn this ship around? She is going to need all the help and luck she can get to work miracles at this company…or she will be gone in a year’s time.
First order of business for her to succeed is to surround herself with people better than her, areas she’s weak in. Which means, cleaning house ’cause the current staff hasn’t done much for past leaders to reach their objectives. No matter who’s ‘in charge’, unless you have the right ‘teams’ in place, musical chairs wil continue ’til the company’s demise.
What a waste of money. A desperate move by a desperate company.