rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Henrique de Castro appointed Yahoo! COO

Henrique de Castro appointed Yahoo! COO

October 16, 2012 17:19 IST

Yahoo! has appointed Henrique de Castro of Google as its new chief operating officer (COO), with a compensation package of up to $58 million.

De Castro will get an annual base salary of $50,000 per month amounting to $600,000 annually. Moreover, beginning 2013, he will also be eligible for an annual bonus of up to 90 per cent of his annual base salary, according to a filing with the US Securities and Exchange Commission.

De Castro would be the second big appointment that Yahoo! has made from its rival Google. Earlier this year, Yahoo! appointed former Google executive Marissa Mayer as its chief executive.

On top of it he would get a one-time retention equity award comprising $18 million in restricted stock units and $18 million in performance-based stock options and restricted stock with a target value of $20 million, the filing added.

In addition, he will receive a cash bonus of $1 million within seven business days of joining date.

De Castro will join Yahoo! on or before January 22, 2013 and will be responsible for strategic and operational management of Yahoo!'s sales, operations, media and business development worldwide.

Yahoo! will reimburse him for reasonable legal fees arising in connection with matters related to his joining Yahoo!, up to $25,000. Besides, he will also be eligible to receive reasonable reimbursements in connection with his relocation, the filing added.

After the end of his first year of service at Yahoo!, De Castro will also be eligible to enjoy benefits like 20 days of vacation annually.

De Castro has more than 20 years experience. Most recently, he was vice president of Google's worldwide Partner Business Solutions group, where he was responsible for advertising platforms and services for Google's publisher and commerce partners.

Prior to Google, de Castro spent two years at Dell Corporation, where he managed sales and business development operations across western Europe.

The internet company has been struggling in the view of stiff competition from rivals like Google and Facebook. Yahoo! has appointed five chief executives, including two interim CEOs in less than a year.

Mayer has made a few key appointments, including new finance chief Ken Goldman and marketing head Kathy Savitt, a former Amazon.com executive in the recent past.

© Copyright 2013 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.