Yahoo on Thursday disclosed the salary of new CEO Marissa Mayer.
According to the documents, filed with the Securities and Exchange Commission, Mayer will receive an annual base salary of $1 million. She will also receive a yearly bonus of 200 percent of her base salary.
Her annual equity award for 2012 will be $12 million, half in restricted stock that vests over three years, and half as a stock option that vests over 30 months.
If she remains with the company for five years, she will be eligible for a massive performance and retention award of $30 million, which vests over five years. Yahoo's filing details the one-time award thus:
$15,000,000 of this equity award will be granted as restricted stock units on July 26, 2012 vesting over five years, and $15,000,000 in the form of a performance-based stock option that is expected to be granted in November 2012. The stock option will be subject to both time-based and performance-based vesting requirements over the next 4 1/2 years. The Compensation Committee will establish the performance vesting criteria after consulting Ms. Mayer.
Not too shabby!
Yahoo announced on Monday that it had hired Mayer away from Google, where she had worked since 1999. Known as Google's 20th hire and the company's first female engineer, Mayer spent over a decade leading the team responsible for the company's search engine, and she even had a hand in contributing to the design of the iconic Google Search home page. In 2010 she became the vice president of Google's location and local services.
Mayer faces several steep challenges at Yahoo, including flagging financial performance and increased competition from web giants like Facebook and Google. She is the fifth CEO to start at Yahoo in as many years.
UPDATE: Apple CEO Tim Cook, the highest-paid exec in Silicon Valley, last year received $378 million, most of which was in Apple stock. His base salary was $900,000 and includes a performance bonus of $900,000, with an additional $16,420 going to his retirement and life insurances funds.
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