Ex-Yahoo CEO not entitled to a severance package
Yahoo`s former chief executive Scott Thompson, will not be entitled to a severance package.
New York: Yahoo`s former chief executive Scott Thompson, who quit the Internet firm recently amid allegations of manipulating his resume, will not be entitled to a severance package.
Severance package are benefits an employees receives on leaving the company in addition to regular pay.
Thompson, who took over the reins of once-dominant Yahoo in January, quit the company on Sunday. He was in negotiations with Yahoo over his separation agreement which was concluded on Saturday.
In a separation agreement filed with the Securities and Exchange Commission, Yahoo said Thompson can keep "make whole" cash bonus and stocks that internet firm had given him as part of compensation for leaving his former company eBay Inc`s unit PayPal.
"The separation agreement supersedes and supplants any and all rights, claims, benefits and defenses you or the company would otherwise enjoy or be entitled to assert pursuant to your offer letter or any other document previously executed relating to your employment with the company," the filing said.
According to media reports, he is expected to loose nearly USD 19 million worth of stock options, bonuses and salary. This included annual salary of USD 1 million, an annual bonus of USD 2 million and outstanding stocks worth USD 16 million.
Thompson would be temporarily replaced by Ross Levinsohn, who was in charge of content and advertising services.
Levinsohn would manage the company`s day-to-day operations with assistance from the senior leadership team.
Apart from the top-level shuffle, Yahoo has named Fred Amoroso as chairman of the board of directors, replacing Roy Bostock.