Yahoo boss loses out on millions due to hacks

The latest…

Yahoo boss is set to miss out on bonuses worth millions of dollars due to hacks at the firm which lead to billions of users having personal information leaked.

An internal investigation found that Marissa Mayer and her team did not act quickly enough when the issue came to light in 2014.

The Yahoo board said it will withhold a cash bonus which is worth up to $2m (£1.6m).

Mayer said she would like her bonus to be put across Yahoo’s entire 8,500-strong workforce, the board did not confirm whether it would do this.

Yahoo’s general counsel Ronald Bell has also resigned without severance pay due to his departments response to the security issues.

The hacks have cost Yahoo financially. A total of $350m (£285m) came off the price for the sale of its core internet business to telecoms giant Verizon, this was reduced from $4.83bn to $4.48bn.

In a blog post Mayer spoke of not finding out about the scope of the incident until last September, she added that she had tried to set things right.

Mayer said: “However, I am the CEO of the company and since this incident happened during my tenure, I have agreed to forgo my annual bonus and my annual equity grant,”

 

 

Social Bookmarks