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Sorry Marissa, no bonus due to massive Yahoo hacks

Yahoo CEO Marissa Mayer loses her bonus, and the company's top lawyer resigns following an investigation into security breaches.

Yahoo CEO Marissa Mayer said she wants her bonus to be redistributed to the company's employees.
Justin Sullivan/Getty Images

Yahoo CEO Marissa Mayer is taking responsibility for the company's terrible, horrible, no good, very bad year.

Mayer won't get her annual bonus and will forgo any 2017 equity in response to findings from an investigation by the company's board into two massive hacks during her time as head of the company. The investigation update, released Wednesday along with a 10-K financial filing for 2016, found that senior executives and Yahoo's legal team didn't sufficiently pursue the security incidents. Ronald Bell, Yahoo's general counsel and secretary, also resigned as of Wednesday.

"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," Mayer said in a statement, "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."

Yahoo's filing also revealed that about 32 million user accounts were accessed by hackers in the past two years using forged cookies that allowed them to log into their accounts without passwords.

Yahoo's public image took a serious hit last year after the company disclosed it suffered the worst hack in history -- twice. Yahoo first revealed in September that 500 million accounts were breached back in 2014. It then broke its own record in December with the revelation that 1 billion accounts were hacked in a separate breach that occurred in 2013. The company has also faced backlash for reportedly building tools that help the government spy on citizen emails.

This all came out as Yahoo was trying to secure a deal with Verizon. The telecommunications giant originally agreed to acquire Yahoo for $4.83 billion dollars, but earlier this month the companies announced a $350 million discount in response to disclosure of the breaches.

Yahoo also said Wednesday that it expects the Verizon deal to close in the second quarter of 2017.