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$12.3M for 130 days of work

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$12.3M for 130 days of work

Old 05-14-2012, 03:00 PM
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Default $12.3M for 130 days of work

Ousted Yahoo CEO Scott Thompson will get no severance - May. 14, 2012

- resigned in lieu of being fired
- resume "issues"
- 12.3 M in pay


NEW YORK (CNNMoney) -- It's official: Scott Thompson "resigned" from his post as Yahoo CEO's in the wake of his resume-embellishing scandal, and he'll receive no severance.

But Thompson scored a nice chunk of change as a parting gift. Under the terms of his contract, Yahoo could have required him to give back $7 million of the cash and stock he received after taking the helm in January.

But Yahoo (YHOO, Fortune 500) said late Monday that its separation agreement with Thompson allows him to keep those payments.

Thompson's departure was hastily announced Sunday, one week after activist shareholder Third Point discovered that Thompson's official Yahoo bio exaggerated his academic credentials. The bio claimed Thompson holds a dual degree in "accounting and computer science," but his actual degree is in accounting only.

It wasn't clear on Sunday whether Yahoo had fired Thompson, but a regulatory filing from Yahoo on Monday revealed that Thompson officially resigned. It cited both parties' "mutual desire to separate employment."

The company and its former CEO also agreed "to terminate all other agreements" between them. That means Thompson is surrendering all outstanding but not fully vested stock, plus "other plans and arrangements."

He won't get severance checks, but Thompson still made out pretty well on his four-month stint at Yahoo.

Yahoo is letting him hang on to the $1.5 million in cash and $5.5 million in stock he received as compensation for the bonus and stock awards he gave up when he left his previous job as the president of eBay (EBAY, Fortune 500) subsidiary PayPal.

He also collected a $5 million signing bonus, and around $333,000 of his $1 million annual base salary.

That means Thompson netted $12.3 million for his 130 days in the job. That comes out to about $95,000 a day -- including weekends. To top of page
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Old 05-14-2012, 03:09 PM
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Originally Posted by satpak77 View Post
Ousted Yahoo CEO Scott Thompson will get no severance - May. 14, 2012

- resigned in lieu of being fired
- resume "issues"
- 12.3 M in pay
I've got a close buddy whose a Yahoo exec. He says the place is a mess and is looking to bail ASAP.
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Old 05-14-2012, 04:14 PM
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the "free-market system" at work..........
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Old 05-14-2012, 04:19 PM
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I'm a pilot, so I am willing to work 131 days for $12.2mil. Where do I send my resume?!
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Old 05-14-2012, 04:34 PM
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So...what major airline does this have anything to do with?
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Old 05-14-2012, 04:35 PM
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Originally Posted by AZFlyer View Post
So...what major airline does this have anything to do with?
excellent question, should have posted it in another forum. hope the world does not come to a grinding halt over this
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Old 05-14-2012, 04:55 PM
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Originally Posted by satpak77 View Post
excellent question, should have posted it in another forum. hope the world does not come to a grinding halt over this
Are you kidding?! We're just thankful to be a witness to your avatar. Man, I'd tear that up!
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Old 05-14-2012, 05:56 PM
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Originally Posted by WHACKMASTER View Post
Are you kidding?! We're just thankful to be a witness to your avatar. Man, I'd tear that up!


I hear you !
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Old 05-14-2012, 06:12 PM
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Originally Posted by Flyby1206 View Post
I'm a pilot, so I am willing to work 131 days for $12.2mil. Where do I send my resume?!
I'll send in my resume the next day and offer to do it for $10 mil! <----Now this thread is tied to the airline industry!
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Old 05-14-2012, 06:13 PM
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See below.
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