Feeds

Morse! Shoved! Out of! Yahoo! Beneath! Giant! Golden! Parachute!

'Termination without cause'

Beginner's guide to SSL certificates

Yahoo's sacked chief financial officer Tim Morse is going to get a nice little package for his "termination without cause".

Morse, who briefly stood in as interim CEO after ex-chief Carol Bartz got the boot, was himself shown the door by ex-Googler and current top dog Marissa Mayer in September and immediately replaced by Fortinet CFO Ken Goldman. Yahoo! said in a filing with the SEC yesterday that Morse's last official day would be November 15.

To ease his departure, Morse will be getting a nice little golden parachute including a year's salary and a bonus of oh, say, another year's pay as well as a bit of his 2013 bonus and of course his stock options. Basically, all of his stock options that were sitting aside and due to come to him in the next six months will all come on his last day instead.

Morse's base salary, last reported in April this year, was $750,000 as of September 2011 and his target bonus was 120 per cent, giving him probable severance pay of $1.65m. He also had just over $5m worth of stock awards and just over $1m worth of options, though we don't know how many of these fall within the six-month period.

His replacement CFO, Goldman, is due to receive a combo package of up to $18m in salary, bonuses and various stock awards over the next four years, including $1.1m a year in salary, and bonus and stock awards worth as much as $12m as they vest through the years. He'll also get an extra $1.2m in restricted stock to make up for the Fortinet compensation he'll miss out on in the next year.

Morse was taken on by Bartz in 2009 and did a five-month stint as CEO after she was sacked and before Scott Thompson came on board. ®

The next step in data security

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.