The following is an excerpt from Seth Fiegerman | March 1, 2017 | CNN.com |
The hammer has finally fallen at Yahoo over the two massive security breaches disclosed last year.
Yahoo's (YHOO, Tech30) board decided not to award CEO Marissa Mayer a cash bonus "that was otherwise expected to be paid to her" due to the security incidents, according to a company filing on Wednesday.
On top of that, Mayer chose to give up her annual equity grant for 2017. No dollar amount was provided, but Mayer received more than $162 million in salary and stock awards during her first four years at the company.
"I am the CEO of the company and ... this incident happened during my tenure," Mayer said in a statement. "[I] have expressed my desire that my bonus be redistributed to our company's hardworking employees."
Yahoo also announced that its general counsel, Ron Bell, resigned from the company on Wednesday following an independent investigation into the breaches.
The investigation concluded Yahoo's legal team had "sufficient information" to investigate the hack in 2014, but did not "sufficiently" look into the issue.
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