Struggling Internet giant Yahoo revealed new CEO Scott Thompson’s compensation package in a filing with the Securities and Exchange Commission Friday, and it’s pretty cushy.
Like, $27 million cushy.
Thompson, the former CEO of PayPal, gets a base salary of $1 million, but that’s only the beginning.
He eligible for an annual bonus of anywhere form $500,000 to $2 million based on his performance. Half a million for doing a pretty good job isn't bad.
Thompson will also get a stock grant of $11 million and a “one-time inducement grant” worth $5 million.
Also Read: Yahoo Names PayPal's Scott Thompson New CEO
That’s anywhere from $17.5 million to $19 million. Where's the other $8 million or so?
Thompson needs to be compensated for all that cash he would have gotten at PayPal, so Yahoo will give him a bonus of $1.5 million in cash to make up for it, along with $6.5 million in stock.
That's not bad for a company which has seen its value cut in half over the past few years.
Upon being hired, Thompson touted the company's assets but acknowledged there is work to do in building its advertising base and other revenue streams. Meanwhile, Yahoo is weighing the sale of all or part of its Asian assets as it seeks to establish a new corporate identity.