|Yahoo's Chief Operating Officer Fired By Marissa Mayer|
|Yahoo's chief operating officer has unexpectedly departed the company just over a year after he was hired to turn its advertising business around. |
Henrique de Castro, Yahoo's second most senior executive, is leaving this week. No reason was given.Yahoo's Chief Operating Officer Unexpectedly Leaves [bbc.co.uk]
|According to reports, there were tensions between Mr Castro and Ms Mayer, who had poached him from Google shortly after she took over at the company. |
According to local Silicon Valley Tech site, Re/Code, [recode.net] which initially broke the story, this appears to be a muck up on the part of Marissa Mayer. It's reported that the COO wasn't the bright thinker he was touted to be and widely disliked at Google where her formerly worked. Apparently Google was glad to see his backside when Marissa poached him to fix up their advertising. Re/Code paints an inner circle that was at war with the COO. Looks like a mess and it's on Mayer for hiring this guy.
Amazing figures, if true.
|All told, Mr. de Castro will walk away with at least $88 million and as much as $109 million for his 15 months of work, according to an analysis of his pay package by the compensation research firm Equilar. (The exact amount depends on whether he receives his full performance award for 2013 and assumes he wasn’t fired for cause, like stealing from the company or lying on his résumé.) |
Even by Silicon Valley standards, his pay was stratospheric. In fact, in 2012, he was the eighth-highest-paid executive in the region, according to Equilar.
Which raises a question: What were Yahoo’s board members thinking when they agreed to hire him in October 2012?Yahoo’s No. 2 Executive Made More Than His Boss [bits.blogs.nytimes.com]
Makes one think if Mayer is the capable leader we thought she might be. Of course, Terry Semel probably nears the top of the list of overcompensated helmsmen anywhere, not just at Yahoo. Terry Semel [online.wsj.com] benefited from the easy money prior to Google's ascendancy but made a string of bad or questionable decisions. In the end he walked off with millions. Set for life for doing what?
BusinessInsider has a scathing summation of Semel:
|What did Yahoo do between 2001 and 2007 under Semel's reign? Not much. And that's the problem. |
Semel spent most of his time at Yahoo getting crushed by Google, an upstart he had a chance to buy. Later, he passed on Facebook and YouTube, too.
For all that, he collected an astounding $489.6 million, or almost half a billion dollars.