Yahoo has appointed Henrique de Castro of Google as its
new chief operating officer (COO), with a compensation
package of up to $58 million.
De Castro will get an
annual base salary of $50,000 per month amounting to $600,000 annually. Moreover, beginning 2013, he will also be eligible for an annual bonus of up to 90 per cent of his annual base salary, according to a filing with the US Securities and Exchange Commission.
De Castro has more than 20 years experience.
Most recently, he was vice president of Google's worldwide Partner Business Solutions group, where he was responsible for advertising platforms and services for Google's publisher and commerce partners.
Prior to Google, de Castro spent two years at Dell Corporation, where he managed sales and business development operations across Western Europe.
De Castro will be the
second big appointment that Yahoo has made from its rival Google. Earlier this year, Yahoo had appointed former Google executive Marissa Mayer as its chief executive.
On joining the internet giant, De Castro would get a one-time retention equity award comprising $18 million in restricted stock units and $18 million in performance-based stock options and and restricted stock with a target value of $20 million, the filing added.
He will also receive a cash bonus of $1 million within seven business days of joining date.
De Castro will join Yahoo on or before January 22, 2013, and will be responsible for strategic and operational management of Yahoo's sales, operations, media and business development worldwide.
Yahoo will reimburse him for reasonable legal fees arising in connection with matters related to his joining Yahoo, for up to $25,000. Besides, he will also be eligible to receive reasonable reimbursements in connection with his relocation, the filing added.
After the end of his first year of service at Yahoo, De Castro will be eligible to enjoy benefits like 20 days of vacation annually.
Yahoo has been struggling in view of the stiff competition from rivals like Google and Facebook. Yahoo has appointed five chief executives, including two interim CEOs, in less than a year.
Mayer has made a few key appointments, including new finance chief Ken Goldman and marketing head Kathy Savitt, a former Amazon.com executive in the recent past.
With inputs from PTI
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