updated 05:08 am EST, Thu March 7, 2013
Marissa Mayer exceeds performance goals, receives $1 million bonus
Yahoo chief Marissa Mayer has picked up $1.12 million bonus for meeting performance targets, reports Bloomberg. As Mayer only joined Yahoo in July of 2012 from Google, where she was one of its top executives, the payment was made on a pro-rata basis. Since joining Yahoo, Mayer has helped to drive its stock price up over 40 percent, while also helping Yahoo to its first sales increases in the past four years.
The Yahoo filing with the Securities and Exchange Commission also revealed that Mayer will continue to receive remuneration of $1 million in 2013, with her bonus set to double that if she is able to continue to drive the company’s revenue and profits beyond agreed targets. Since joining the company, Mayer has been reputed to tighten company operations, cutting holiday vacation hours and instigating a range of cost-cutting and efficiency measures.
In addition to her annual salary, Mayer will also stands to yield over $50 million in total compensation from Yahoo comprised of $12 million in restricted stock and options, a one-off payment of $30 million for remaining with the company over her contracted period of employment and a further $14 million in compensation for the value of the shares she would have received had she remained with Google.
Mayer was Google’s 20th employee and its first female software engineer. She led the development of many core Google services including its search page, Gmail, Google Images and Google News. Mayer was held in high regard by co-founders Larry Page and Sergey Brin, and held a senior position on Google’s top level operating committee.