Yahoo! Inc. (YHOO) CEO Marissa Mayer Loses Bonus for 2016

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Yahoo! Inc. (NASDAQ:YHOO) CEO Marissa Mayer won’t be getting a bonus for 2016.

Yahoo! Inc., YHOO, Marissa Mayer

An investigation into Yahoo! Inc. determined that the company’s executive team didn’t respond properly to the security breaches from 2013 and 2014. Due to this, Marissa Mayer won’t be getting her bonus or stock reward for the year.

The investigation was held by an independent board and it ordered the company to beef up its cybersecurity efforts. YHOO’s general counsel also resigned due to the investigation. He will not receive severance pay. The company’s head of security at the time of the incidents resigned in 2015, reports NPR.

“I have agreed to forgo my annual bonus and my annual equity grant this year 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,” Mayer said in a blog post.

The 2014 data breach was discovered in the second half of 2016. The personal information of more than 500 million Yahoo! Inc. accounts was stolen during the data breach. This included names, email addresses, hashed passwords, phone numbers and more.

News of the Yahoo! Inc. data breach couldn’t have hit the tech company at a worse time. The company was negotiating a deal to be acquired by Verizon Communications Inc. (NYSE:VZ). VZ will still be buying YHOO, but insider sources claim that it will be paying less for it than before the data breach news broke. The deal is expected to close in the second quarter of 2017.

YHOO stock was down 1% as of noon Thursday.


Article printed from InvestorPlace Media, https://investorplace.com/2017/03/yahoo-inc-marissa-mayer-yhoo/.

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