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Rediff.com  » Business » Yahoo CEO Carol Bartz to get $19 mn this year

Yahoo CEO Carol Bartz to get $19 mn this year

Last updated on: January 17, 2009 02:03 IST

Image: Carol Bartz, the newly appointed Yahoo! CEO. Anthony Bolante/ReutersThe newly-appointed Yahoo! chief executive Carol Bartz will receive a compensation of $19 million this year.

The 60-year-old technology veteran has replaced the Internet major's founder and chief executive Jerry Yang. Bartz would get a base salary of $1 million and a grant of $10 million in cash and stock to compensate the benefits forfeited from the previous employer. Further, she would be paid an annual grant worth about $8 million.

Bartz was appointed as the chief executive by Yahoo! board on January 13.

In a regulatory filing to the Securities and Exchange Commission on Thursday, Yahoo! said that Bartz would receive stock options for 5 million shares and the price would be decided on January 30.

To compensate Bartz for the forfeiture of the value of equity grants and post-employment medical coverage from her previous employer Autodesk, she would be provided an 'equity grant with a grant-date value of $10 million, payable 25 per cent in cash and 75 per cent in restricted stock,' the filing noted.

Yahoo! would also provide post employment medical coverage under its plans to Bartz, her spouse and eligible dependants as necessary, with Bartz paying the full premiums, it added.

She would be receive an 'annual grant for 2009 with a value of approximately $8 million which is expected to be granted in February 2009.'

Also, Bartz's salary would be subject to annual review for increases and would be eligible to receive an annual bonus, it said.

'The actual amount of the annual bonus will be determined by the compensation committee of the board based upon both the company's and Bartz's performance for the relevant year,' the filing added.

On January 13, 2009, Yahoo! entered into an employment agreement with Bartz to serve as chief executive for an initial term of four years and may be extended by mutual agreement thereafter.

Bartz served most recently as executive chairman of the board of directors of Autodesk and she was chairman, president and chief executive officer of the company for 14 years.

She currently serves on the board of directors of Cisco Systems, Intel Corporation and NetApp, Inc.

On Thursday, shares of Yahoo! shed 6.45 per cent to close at $11.61 on the Nasdaq. -- PTI

Image: Carol Bartz, the newly appointed Yahoo! CEO. Anthony Bolante/Reuters