Business in Tech

Marissa Mayer Won’t Get Paid Any 2016 Bonus Because Of The Security Breach But She Gets A $23m Severance Pay

Marissa Mayer will not be getting her annual bonus because of the “major” Yahoo hack that they say happened on her watch. Someone has to take responsibility for this because you see that revelation knocked off $350m from the original bid by Verizon for Yahoo thereby lowering Yahoo’s value to $4.48b in cash from the original $4.8b.

In a filing at the SEC by Yahoo, it was also revealed that Mayer will also be forgoing any 2017 annual equity award too. But it all looks like a mutual decision between the Yahoo board and the CEO who said in a statement on Tumblr that;

“When I learned in September 2016 that a large number of our user database files had been stolen, I worked with the team to disclose the incident to users, regulators, and government agencies,” Mayer wrote. “However, I am the CEO of the company and since this incident happened during my tenure, I have agreed to forgo my annual bonus and my annual equity grant this year and have expressed my desire that my bonus be redistributed to our company’s hardworking employees, who contributed so much to Yahoo’s success in 2016.”

But it’s not all bad for Mayer who we are now told will receive a $23m severance from the internet company. Marissa Mayer had back in January announced that she’ll be leaving the company once the acquisition by Verizon was completed while whatever is left of Yahoo will now be named Altaba.

Yahoo also notes that it had spent $16m with respect to security breaches in 2016 and this includes $11m for legal and $5m for investigation.