Services & Software

Yahoo rewards CEO 1 million options

Yahoo grants CEO Terry Semel an additional 1 million stock options in the Web portal as a reward for his performance over the past year.

Yahoo CEO Terry Semel was granted an additional 1 million stock options in his company as a reward for his performance over the past year.

"The Compensation Committee noted in particular the completion of a number of significant strategic alliances and relationships, the company's efforts to redefine its business services and products, the continued broadening of the global user reach of the company's network of services, and the continued success in the recruiting and hiring of other key employees," the company said in documents filed with the U.S. Securities and Exchange Commission.

Semel was granted 10 million options when he was hired last May. Semel's salary for 2001 was $254,853, and Yahoo paid $127,766 in moving expenses for him. Semel, who didn't receive a bonus last year, owns 3,625,380 shares of Yahoo, less than 1 percent of the company's stock.

Former Yahoo CEO Tim Koogle, who still serves on Yahoo's board of directors, received a salary of $188,750 for the four months he served as CEO last year. Yahoo President Jeff Mallett was paid $335,000 for the year and received options to buy 800,000 shares of stock.

Yahoo paid its auditor, PricewaterhouseCoopers, $2 million for auditing services and $7 million for consulting related to the implementation of an Oracle financial information system. PwC was also paid $2.3 million for tax and nonfinancial auditing services.