Morse! Shoved! Out of! Yahoo! Beneath! Giant! Golden! Parachute!
'Termination without cause'
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. ®