Who knew getting fired could be so profitable?
After Yahoo's former COO Henrique de Castro's ouster in January, there were rumors he'd be getting quite the lump of cash. (Via NRKbeta.no)
And now it's official — he is getting quite the lump of cash. According to Yahoo's SEC filing, de Castro was given a $58 million severance package. That's $58 million for 15 months of work.
And this for the guy who made headlines for making more money than Yahoo CEO Marissa Meyer. (Via CNET, PC Magazine, The New York Times)
According to a writer for USA Today, Castro's severance would have been much less if it weren't for Yahoo's impressive stock performance.
"Yahoo said de Castro's exit package would have been far smaller if not for the sharp gains in Yahoo's share price, which boosted the value of de Castro's holdings to nearly $57 million from $17 million." (Via USA Today)
And TechCrunch puts it rather bluntly, noting the company's trying to convince shareholders the multimillion-dollar mistake is a good thing: "Yahoo makes the point that the cost of this embarrassing episode would have been far less had the company not done so darn well in the public markets."
With this so-called embarrassing episode behind it, the company looks poised to start anew.
