Maybe there was tension between Yahoo (YHOO) Chief Financial Officer Tim Morse and new Chief Executive Officer Marissa Mayer since she took office two months ago, but Morse is now out and Ken Goldman is in. Goldman will officially assume the position on October 22. Morse was lured down the road to Yahoo from his job at computer security software maker Fortinet Inc. The companies’ headquarters are about approximately five miles apart from each other in Sunnyvale, California.
At 63 years of age, Goldman is a thirty-year software veteran – as opposed to the cost-cutting specialist the Morse is known to be – including six years as CFO at Siebel Systems before it was bought by Oracle (ORCL) for $6.1 billion.
The move comes as Mayer has been dropping hints about the new direction of Yahoo, but has yet to provide any details. The internet company’s chief executive has said that more on the plan will be given in October when the company disclosed third quarter results. No specific date for the earnings release has been set at this point.
For his new job at Yahoo, 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. The payment includes a $1.1 million salary and bonus, restricted stock and performance-based options valued up to $12 million that vest over the next four years. 76,000 units of restricted stock (worth about $1.2 million based on Tuesday’s $15.68 closing price of YHOO vesting over the next year are being granted to compensate Goldman for time lost for leaving his job at Fortinet.
Upon signing as the new CEO at Yahoo, Mayer received a compensation package that could total more than $70 million in salary, bonuses, restricted stock and stock options over five years.
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