Bartz’s severance package tops $10 million
8th September 2011
Following yesterday’s ousting of Carol Bartz as 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.
Sometimes being a failure is more profitable than being a success. That could explain a lot about our government.
September 8th, 2011 at 06:15
What are you complaining about? This is Capitalism in its purest form. You’re only worth what someone is willing to pay you; obviously, Yahoo thought that she was worth enough to offer her such a severance to come to work. The fact that they were wrong doesn’t change the fact that they thought it worth the gamble.
Free enterprise encompasses the freedom to be wrong, which usually includes the freedom to fail.
September 8th, 2011 at 07:16
Sorry to be the bearer of bad news, but you are not an expert on what is and what is not capitalism. I’m surprised you can even spell the word correctly.
September 8th, 2011 at 13:03
Sorry to be the bearer of bad news, but you have not been granted authority to decide who is or is not competent to speak on capitalism.
Capitalists take risks in the marketplace. Risks sometimes fail. End of list.
I can lend you my copy of Wealth of Nations, if you need it…just don’t get the pages sticky.