Snubbed Levinsohn Exits Yahoo
Passed over as permanent CEO at Yahoo, former interim chief Ross Levinsohn is leaving the company, according to a securities filing by Yahoo today. Before the surprise announcement of ex-Google exec Marissa Mayer as CEO two weeks ago, Levinsohn was widely
expected to get the top job. Tuesday will be his last day at Yahoo.
During his two-month tenure as interim CEO following the ouster of Scott Thompson, Levinsohn earned praise for a series of moves including settling patent litigation with Facebook
and a series of partnerships with media companies including CNBC and Internet music service Spotify. The former Fox Interactive Media head, who lead media and advertising sales efforts at Yahoo under
Thompson, is not leaving to take another post at present, according to the AllThingsD blog, which
first reported his departure.
But Levinsohn isn't leaving Yahoo empty-handed. Under a severance agreement filed with the SEC after the market close Monday, his package includes an equity award of 67,000 shares restricted stock units and 250,000 stock options. The exercise price of the stock options us $15.80, the July 26 closing price of Yahoo's common stock. Since his employment was terminated "without cause,' Levinsohn was also granted accelerated vesting of those and prior equity awards in the next 12 months, rather than the six months previously stipulated.
He's also due a cash severance benefit equal to his base salary for 12 months, his target annual bonus for 12
months, and a prorated portion of his target annual bonus for 2013, among other benefits.
In a farewell statement to Yahoo employees published in AllThings D, Levinsohn called his time at Yahoo an "incredible journey" but said it was time to look
for his next challenge. Yahoo issued its own statement, saying, "Ross has done a terrific job during his time at Yahoo!. We wish him all the best."
.
Recent Raw Articles
-
Duane Reade Window Salutes Broadway May 17, 7:10 a.m.
In what it’s calling a first-of-its-kind promotion, Nexxus Salon Hair Care has created a window display ...
-
Yahoo Adds Tweets To News Feed May 16, 1:25 p.m.
Yahoo will incorporate selected tweets into the news feed on its redesigned home page through a ...
-
Android On 75% of Smartphones Shipped In Q1 May 16, 9:42 a.m.
Android ran on three quarters of the smartphones shipped in the first quarter, up from 59% ...
-
Facebook's Comm. Head Yu Leaves For Startup May 13, 3:14 p.m.
Larry Yu, Facebook’s director of communications for the last five years, is leaving the social networking ...
-
Kaplan Succeeds Sheehan As CEO Of Hill Holiday May 13, 12:37 p.m.
Mike Sheehan is stepping down as CEO of Interpublic's Hill Holiday and is being succeeded by ...
-
Kaplan To CEO At Hill Holliday May 13, 11:43 a.m.
Karen Kaplan, president of Interpublic Group’s Boston-based Hill Holliday has been promoted to CEO, the agency ...
-
Millennial Media Expands To Japan May 13, 10:35 a.m.
Mobile ad network Millennial Media on Monday announced expanding operations to Japan with the opening of ...
-
Facebook Home Gets Update, Hits 1M Downloads May 9, 3:27 p.m.
Facebook on Thursday released a new version of Facebook Home, its software overlay for Android phones. ...
-
JCPenney: "Wait, It Gets Worse!" May 8, 2:51 p.m.
While J. C. Penney Company isn’t scheduled to release its fiscal first-quarter earnings until May 16, ...
-
Verve Mobile Hires CRO, Sales Staff May 8, 9:31 a.m.
Verve Mobile has named James Smith as chief revenue officer, overseeing all sales and marketing functions ...
Be the first to comment on "Snubbed Levinsohn Exits Yahoo "
Leave a Comment