Fired Yahoo COO Gets $58M Golden Parachute

Henrique de Castro may have walked away from Yahoo with a termination on his corporate records, but the recently fired COO is walking away with a large sum of money in his pocket. His severance package totals a whopping $58 million after just 15 months on the job.

ThatEUs the revelation from YahooEUs regulatory filing on Wednesday thatEUs making news headlines around the world. Yahoo CEO Marissa Mayer was confident in de CastroEUs abilities when she hired him as her second in command in 2012. So confident, indeed, that he stacked up a healthy severance package she probably didnEUt bet he'd ever cash in.

"The major component of Mr. de Castro's severance benefits, involved the acceleration of his make-whole arrangement, the value of which increased substantially following the date of his hire as a result of the significant appreciation in our stock price," according to the SEC filing.

Then and Now

Mayer gave up hope for de Castro in January because he wasnEUt fulfilling her expectations for a Yahoo revival. The COOEUs role, in this case, was revving up advertising sales in a Google-dominated industry.

EUUltimately, Henrique was not a fit and thatEUs a very regrettable conclusion,EU Mayer told analysts in late January. EUAnd itEUs a conclusion that we tried very hard to avoid, but it was the right decision in the end for the company.EU

But that contrasts dramatically with what Mayer said when she wooed him away from Google, where he served as vice president of the search engine giantEUs worldwide Partner Business Solutions group, and was responsible for advertising platforms and services for Google's publisher and commerce partners.

"Henrique is an incredibly accomplished and rigorous business leader, and I'm personally excited to have him join Yahoo's strong leadership team," Mayer said. "His operational experience in Internet advertising and his proven success in structuring and...

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