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Former Yahoo COO Banks $58 Million Severance Package

moneyIf you’ve ever been laid off from a job, you’re familiar with getting a nice little severance package of several weeks and eligibility for COBRA benefits and unemployment.

Unless you’re the former chief operating officer of Yahoo, Henrique de Castro. Here’s why: reports are circulating that he’s banking on a $58 million severance package for a job he held for merely 15 months! According to The Associated Press, CEO Marissa Mayer indicated, “Ultimately Henrique was not a fit and that’s a very regrettable conclusion. And it’s a conclusion that we tried very hard to avoid, but it was the right decision in the end for the company.”

In January he was let go for failing to bring life back into the company. Keep in mind he was hired in October 2012 from Google to return “the company to long-term growth and success.” Per the company’s compensation committee, their take on his 2013 job performance was weak and last year he didn’t even get paid a bonus.

According to reports, his package was so high that it exceeded Mayer’s salary by far! She earned $24.9 million last year. Apparently his package was so high thanks to the company’s stock doubling while he was employed there; it would have been significantly smaller if Yahoo’s share price hadn’t risen. Apparently the value of his holdings were boosted from $17 to $57 million.

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