Henrique de Castro, the former Yahoo chief operating officer who was fired from his executive position after only 15 months on the job, has been granted a severance package totaling $58 million.
De Castro joined Yahoo in October 2012 after serving as vice president Global Media and Platforms at Google. He was the first significant hire by fellow former Google executive Marissa Mayer, who became CEO in July 2012. De Castro was charged with the task of revamping Yahoo’s ad sales, and he served as Mayer’s second-in-command until he was let go for poor performance in January 2014.
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According to USA Today, all but $1 million of De Castro’s large severance was based on the value of the equity award he was granted to lure him from Google. Yahoo’s market value greatly increased in De Castro’s relatively short time at the company, taking his holdings from $17 million to $57 million. The majority of this success stems from Yahoo’s 24% stake in China’s widely popular Alibaba Group.
The Economic Times reports that Mayer will not pick another chief operating officer as a result of her failed hire with de Castro.