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April 21, 2009

Yahoo to cut 5% of workforce amid revenue drop

Internet search company Yahoo Inc. announced Tuesday that it would slash 5% of its workforce as it reported a first-quarter profit that fell sharply from a year earlier but still managed to beat Wall Street’s forecasts.

The company said that the employees being affected in this latest round of cuts would be notified within the next two weeks. Last year, the company cut about 700 jobs on a net basis.

Source: CNNMoney

January 15, 2009

New Yahoo CEO Bartz to receive $1 million salary, 2M bonus, 5M shares

According to MarketWatch: “Newly-appointed Yahoo Inc. Chief Executive Carol Bartz has signed a four-year agreement with the company that will pay her an annual base salary of $1 million, according to a regulatory filing Thursday.

Bartz, who was appointed Tuesday to helm the embattled Internet company, will be able to see the salary raised based on annual reviews. She will also be eligible to receive an annual bonus with a target amount of 200% of her base salary, or $2 million.

Bartz, 60, will also receive stock options for 5,000,000 shares of Yahoo’s stock, with an exercise price expected to be dated Jan. 30.”

  • Former Yahoo CEO Terry Semel, who stepped down in June 2007, was given a base salary of $600,000 in 2006 but reduced it to $1 partly through that year as the Yahoo board tried to better link his pay to performance. That left him with an overall salary of $250,000 in 2006, according to WSJ

Update 1 (1-15-2009): Carol Bartz’s profile is still available at Autodesk website, including her color poster (1500 x 1858, TIFF image)

Update 2 (1-15-2009): Bartz has spoken with Microsoft CEO Steve Ballmer since assuming the top job at Yahoo, though she described the conversation as “informal” and did not go into detail, according to MarketWatch report

Update 3 (1-15-2009): According to WSJ: “Yahoo said her package includes a maximum annual bonus of $4 million and a 2009 equity grant valued at about $8 million, expected to be made in February. She also gets $10 million in cash and restricted shares to “make up” for equity grants and benefits that she had at Autodesk Inc., a software concern where she had previously been CEO.”

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