Yahoo to pay Mayer over R573 million

Yahoo’s new CEO, Marissa Mayer, is set to receive a large financial bonus depending on the progress of the company

SAPA

July 20, 2012

Yahoo is to pay new chief executive Marissa Mayer more than 70 million dollars over the next five years, depending on the company’s performance, according to a filing Thursday with the US Securities and Exchange Commission.

Mayer, 37, will earn 1 million dollars a year in base salary, with performance-related bonuses bumping that up to 3 million dollars a year.

Mayer, who was appointed Monday to the vacant leadership post, will receive 12 million dollars in annual equity awards, a one-time retention award of equities and stock options worth 30 million dollars, and 14 million dollars in stock to reimburse her for the stock she was forced to forfeit when she left Google to take on her new job, the company said.

Mayer is Yahoo’s third chief executive in 2012.

Predecessor Scott Thompson was forced out in May over allegations that he falsified his resume. Before him Carol Bartz was fired for failing to turn around the troubled internet giant, which has seen its position eroded by the rise of Google and Facebook.