Yahoo! CEO Marissa Mayer has given Chief Operating Officer Henrique de Castro the boot after only 14 months. According to sources Mayer was disappointed with his efforts to boost growth as the company has been struggling to compete against Google and Facebook in the race for online marketing dollars.
Mayer, who took the helm in July 2012, has been working to reinvent Yahoo by revamping products and adding exclusive content to help it compete with Google and Facebook for users and advertisers. But the troubled internet company has had disappointing advertising results and has been unable to kick-start revenue growth on his watch.
Acquiring De Castro from Google, didn’t come cheap. With estimates for his employment contract as high as $61.6 million and as much as $20 million in restricted stock units. That’s a big pay check to live up to, and well, seemingly it didn’t happen. But all is not lost for Castro, according to Yahoo! Mr de Castro, 48, will leave the company with much of the money and stock that he got when Ms Mayer lured him to California from a Google advertising job in Europe. His severance package includes $20 million of restricted stock that wasn’t scheduled to fully vest until late 2016. He also will receive $1.2 million to cover the next two years of his salary.