Now that Yahoo has hired a new CEO to try and turn the venerable old technology giant around, what’s the company doing to actually make the U-turn? It’s a question that’s on everyone’s mind, particularly Yahoo stockholders.
The company has a new CEO – former Google (News - Alert) Executive Melissa Mayer was appointed president and CEO of Yahoo in July, and was made a member of the company's board of directors. But as many companies have found out (just ask HP!), a simple change of CEO won’t always do. Yahoo is continuing to make alterations at its executive layer.
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For starters, the company has named a new chief financial officer (CFO). Brand new chief financial officer Ken Goldman was appointed to his post on Tuesday, and he will be well compensated for his efforts.
Goldman will receive up to $18 million in salary, bonuses, restricted stock and stock options over the next four years, according to a regulatory filing. He will also get 76,000 restricted stock units to make up for compensation lost when he left his previous job at cyber security software firm Fortinet (News - Alert) Inc. The units of restricted stock are worth about $1.2 million at Tuesday's closing share price of $15.68.
Goldman replaced Tim Morse, who served last year as interim CEO while Yahoo had a shakeup of leadership. The shuffle ended with the appointment of Mayer. Goldman will start at Yahoo on October 22nd. Morse plans to leave Yahoo sometime this fall.
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Edited by Brooke Neuman