Bartz's severance package tops $10 million
After being ousted as the CEO of Yahoo this week, Carol Bartz is walking away with a multi-million dollar severance package.
Following yesterday'sas the CEO of Yahoo, the former chief executive is now eligible for a hefty severance package.
A form 8-K the company filed with the U.S. Securities and Exchange Commission today notes that Bartz was "removed from her role" as CEO, and will receive severance benefits "for termination without cause."
According to some number crunching by CNN, that includes $3 million in cash, as well as a pro-rated yearly bonus worth somewhere between $1 million to $2 million. Add in company stock and you get an extra $5.2 million, a payout figure the company floated in December of last year, which is now higher.
On top of all that are restricted shares that have not vested that Bartz could still get, CNN notes.
Bartz joined Yahoo to become its CEO in 2009 following the rejected buyout bid by Microsoft and the stepping down of co-founder Jerry Yang. Within months of being on the job, Bartz cleaned house, laying off employees, consolidating products, and reorganizing the company's management. Despite the drastic efforts, there was little in the way of a quick turnaround to show for it. Bartz's contract with the company was originally slated to go through next year.