Yahoo's Marissa Mayer brings in her former Google colleague Henrique de Castro with a compensation package that could top $36M
Yahoo poached yet another Google executive, naming Henrique de Castro as chief executive officer, the company announced Monday.
De Castro is the third Google executive wooed to the Sunnyvale-based company since CEO Marissa Mayer, a former executive at the search giant, took over in July.
"Henrique is an incredibly accomplished and rigorous business leader, and I'm personally excited to have him join Yahoo's strong leadership team," Mayer said in a statement. "His operational experience in internet advertising and his proven success in structuring and scaling global organizations make him the perfect fit for Yahoo as we propel the business to its next phase of growth."
Mayer previously hired Google's ex-product marketing manager in August as Yahoo's newly minted chief of staff. A week earlier, she tapped Google's Anne Espiritu, a close associate at the Silicon Valley behemoth, to head Yahoo's public relations team.
Her latest hire most recently served as vice president of Google's global partner business solutions group, where he oversaw advertising platforms and services for the firm's publishing and commerce partners. Before that, he helped grow Google's media, mobile and platforms organization.
De Castro will not come cheap. Documents obtained by AllThingsD show he will make a $600,000 yearly base salary, plus an annual bonus that could be double that figure. Moreover, Yahoo is granting him $36 million in in the form of a onetime retention equity award of $18 million and $18 million in performance-based stock options.
He will also pocket $1 million in "make-whole" cash for leaving Google without a compensation package, and $20 million in stock to replace the shares he had in his former employer.
Prior to joining Google, de Castro spent two years at Dell Corporation, managing sales and business development operations in Western Europe. He also consulted for McKinsey & Company, where he advised clients across numerous industries. He has previously spent time in private equity and advertising businesses.
"The combination of Yahoo's unique properties with high-quality content, its renewed focus on outstanding user experience and its massive reach bring tremendous value to users, advertisers and partners," de Castro said in the statement. "This is a pivotal point in Yahoo's history, and I believe strongly in the opportunity ahead. I can't wait to join Marissa and the team and get started."
De Castro will join the company on or before Jan. 22, 2013, or, as the statement says, "as soon as he has satisfied his obligations to his current employer."