Yahoo! Inc.’s CEO Marissa Mayer likely has some enemies who want her out of the firm. Another group of adversaries could be looking to physically harm her, if Yahoo’s security budget for last year is anything to go by. According to the firm’s SEC filing on Monday, Yahoo spent $544,061 to protect its CEO. This figure is at least 20 times more than what it spent the previous year ($26,891). The firm justified the cost, saying that Ms. Mayer “faced specific security threats” which were credible.
The firm didn’t provide further details on the issue.
Figure Higher than Apple’s Spending on Cook
Security for Mayer cost considerably more than what Apple Inc. spends to protect its CEO Tim Cook. The iPhone maker spent $275,000 to secure its top honcho last year. However, the figure pales in comparison to $6.5 million that Facebook Inc spent on security services for its CEO Mark Zuckerberg.
Yahoo stated that the security expense isn’t a perk that Ms. Mayer is entitled to. Rather, the firm considers the security cost reasonable due to the fact that she never requests the company to reimburse her business class airfare expenses.
The firm said Ms. Mayer was awarded a $1,125 cash bonus via its “Invention Recognition Award” program. The program, which awards full-time staff only, recognized her for being one of the inventors listed in a “pending patent application” that the firm had filed.
Yahoo Shareholders are Evidently and Justifiably Angry
Yahoo’s executive leadership has been busy fighting fires raised by angry shareholders who want them out. The shareholders are angry due to what they term poor strategic decisions that have reflected in the company’s wanting performance.
The executives still earned millions of dollars in compensations, according to the SEC proxy filing. Ms. Mayer earned her basic $1 million annual salary last year. She also got various stock awards that pushed her total pay to $35,981,107.
Yahoo has rubbished the figure, instead saying that Ms. Mayer was actually paid 39 percent of the sum. This translates to around $14 million. The filing states that the pay was low because the company failed to attain its set financial targets for the year.
The firm’s CFO Ken Goldman was given a similar compensation that was valued about $15 million. General Counsel Ron Bell was paid $4.5 million, while Chief Revenue Officer Lisa Utzschneider had a total pay package of $10 million.
Probably aware of its precarious financial situation, Yahoo’s leadership noted that none of the officers listed above were paid a bonus or a salary increase.
Criticized for Her Controlling Style
Apart from her strategic blunders, Ms. Mayer has been criticized for her controlling style. This weak side of her managerial skills has become clear during meetings with prospective bidders for Yahoo’s core business assets.The 40-year old CEO has reportedly been talking over other members of the executive leadership and going as far as responding to questions meant for them.
Her endless chatter could ruin her chance of her staying on the job, as she could appear to be a pathetic listener. Analysts have also said that her managerial style has affected strong execs who are still loyal to the company. They include Jeff Bonforte, the senior vice president of communication products; and Enrique Munoz Torres, the senior vice president of search and advertising.
If Ms. Mayer is kicked out of the firm when its core business assets are sold, she is expected to earn a cool severance package of $55 million. The auction has drawn interest from several bidders such as Verizon. Dan Gilbert, the founder of Quicken Loans, is interested in the assets and has the financial backing of billionaire investor Warren Buffett. Private equity firms such as Apax Partners, TPG Capital, Sycamore Partners and Bain Capital are also interested.
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