Henrique De Castro is walking away from Yahoo with even more money than we initially realised.
Executive compensation firm Equilar estimates he’s getting $US109 million now that he’s been fired by Marissa Mayer.
That’s a lot of money for just 15 months of work. That’s more than most people get for building and selling a startup. That’s more money than the highest-paid athlete in the world, Tiger Woods, made last year. Woods got $US83 million.
How is he getting so much money? Equilar broke it down for us:
While working at Yahoo he received the following:
- Salary of $US684,092.
- Bonus of $US640,000 (includes estimated target bonus payout for 2013 of $US540,000).
- Make-Whole bonus of $US1,000,000.
- Value of vested portion of performance option award: $US20,973,716.
- Value of vested portion of initial RSU award: $US10,610,293.
- Value of vested portion of make-whole RSU award: $US10,882,349.
Total Value Earned: $US44,790,450
Upon his termination, a portion of each of his equity award vested as well (all values using yesterday’s closing stock price of $US41.07):
- Severance payments (1x salary and target bonus): $US1,140,000.
- Value of accelerated performance option award: $US20,973,716.
- Value of accelerated initial RSU award: $US9,794,117.
- Value of accelerated make-whole RSU award: $US32,647,046.
Total accelerated equity value: $US64,554,879
Grand Total of both amounts: $US109,345,330
Equilar’s director of Governance Research, Aaron Boyd tells us this based on the assumption De Castro was fired without cause. Boyd thinks it’s a “safe bet” that he was fired without cause based on the language Mayer used in her memo announcing his ouster.