Yahoo CEO Marissa Mayer Earned $27.4 Million Last Year -- Update
April 28 2017 - 5:09PM
Dow Jones News
By Deepa Seetharaman
Yahoo Inc. Chief Executive Marissa Mayer's compensation totaled
$27.4 million last year, a package mostly unaffected by a deal to
sell Yahoo's core business to Verizon Communications Inc. or two
large security breaches that nearly scuttled the acquisition.
Ms. Mayer's base salary was $1 million, unchanged from the
previous two years, according to a filing Friday with the
Securities and Exchange Commission.
The bulk of her 2016 compensation comes in the form of stock
awards valued at $11.3 million and options awards valued at $13.3
million, according to the filing.
Those awards are already part of the more than $187 million she
stands to make from stock options, restricted-stock units, and
other equity-based awards if she leaves after Yahoo's core business
is sold to Verizon for $4.5 billion. The value of her payout has
increased as Yahoo shares have tripled since her arrival in
2012.
Ms. Mayer hasn't said whether or not she'll join Verizon after
the sale is completed, but few expect her to stick around.
Ms. Mayer landed her big pay package despite a 14% decline in
Yahoo's revenue last year, excluding commissions paid to partners
for web traffic. The Verizon sale was announced last summer, four
years after she was hired as Yahoo's CEO to revive the faded brand,
which hadn't adapted to a new generation of internet users.
Instead, she cut the deal to sell to Verizon. As part of their
severance package, Ms. Mayer and other top Yahoo executives are
eligible for accelerated vesting of all stock options,
restricted-stock units, and other equity-based awards outstanding
when the deal closes, according to a separate proxy filing
published Monday.
Ms. Mayer wasn't awarded a cash bonus for last year, a decision
Yahoo directors announced in March after a board investigation. The
investigation found that she and other top executives failed to
"properly comprehend or investigate" a 2014 security breach that
hit more than 500 million accounts and was disclosed last fall. Her
bonus in 2015 was $1,125. In March, Ms. Mayer said she would forgo
her equity awards for 2017.
The 2014 breach was separate from another, much larger breach
affecting more than a billion accounts, which Yahoo disclosed in
December and dated back to 2013. The security incidents forced
Yahoo back to the negotiating table with Verizon, which last month
reduced its acquisition price by $350 million.
Yahoo shareholders will vote on the Verizon acquisition during a
special meeting on June 8. The Sunnyvale, Calif.-based company
expects to close the Verizon deal by the end of June.
Ms. Mayer also received $1.75 million in personal security for
her and her family last year after receiving security threats that
Yahoo considered credible, according to the filing.
Write to Deepa Seetharaman at Deepa.Seetharaman@wsj.com
(END) Dow Jones Newswires
April 28, 2017 17:54 ET (21:54 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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