Yahoo top boss would not receive annual bonus this year

Tuesday 07 March 2017 2 months ago 35   New York   Print

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Report  Web desk : NEW YORK: Yahoo top boss Marissa Mayer will not receive her annual bonus this year due to a security breach in 2014. The board decision to cancel Mayer bonus was based on the way Yahoo handled the 2014 security breach that exposed data from 500 million user accounts. Mayer volunteered to forgo her annual equity grant and requested that the money be distributed to employees. Discussing her decision on Tumblr, she wrote: “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 success in 2016.” Yahoo board conducted an independent investigation into the huge security breaches between 2013 and 2014, to conclude that Yahoo general counsel Ron Bell was responsible for delayed disclosure of the incidents. Bell, who joined Yahoo in 1999 and was promoted to general counsel in 2012, resigned from the company Thursday. He will not receive his severance allowance as per Yahoo’s 10-K filing. “He has served this company longer than the founders. His experience and expertise and oversight in terms of the company and shareholders has been stellar,” Marcy Simon, a spokesperson for Bell, told TechCrunch. “This was an opportunity for him to submit his resignation and look forward to the next journey and chapter in his life.” Simon denied rumours of a rift between the former general counsel and Mayer. 02