as informed in
The hammer has finally fallen at Yahoo over the two massive security breaches disclosed last year.
Yahoo disclosed last year that it suffered two security breaches dating back to 2013 and 2014, affecting more than one billion users.
Correction: An earlier version of this story misstated the amount of the initial Verizon deal.
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.
The breaches threatened to upend Verizon’s (VZ, Tech30) previously announced deal to buy Yahoo’s core Internet assets for $4.8 billion.
as declared in
Yahoo’s board is not paying Marissa Mayer her 2016 bonus because of the hacking incidents
Mayer also said she will voluntarily turn down her annual bonus and equity grants for 2017 as a result of the incidents.
Yahoo did not publicly reveal the security breaches, which affected more than one billion user accounts, until the fall of 2016.
Yahoo CEO Marissa Mayer.
Picture: Getty ImagesYahoo CEO Marissa Mayer will not be paid her bonus for 2016 following the results of an internal investigation into the company’s handling of massive hack attacks that affected more than one billion of its users.
While Yahoo’s response was not sufficient, the company said on Wednesday that an independent committee did not conclude that there was”intentional supression” of the information.
as declared in
Yahoo CEO Marissa Mayer will forgo any annual equity awards this year due to previous security breaches that occurred during her tenure.
However, I am the CEO of the company and since this incident happened during my tenure, I have agreed to forgo my annual bonus and my annual equity grant this year and have expressed my desire that my bonus be redistributed to our company’s hardworking employees, who contributed so much to Yahoo’s success in 2016.”
The board also determined that she would not receive a cash bonus for 2016.
According to a Yahoo document filed with the United States Security and Exchange Commission on Wednesday, Mayer offered to give up her 2017 annual equity award due to a 2014 security breach that exposed user information during her tenure, and the board accepted her offer.
“When I learned in September 2016 that a large number of our user database files had been stolen, I worked with the team to disclose the incident to users, regulators, and government agencies.
collected by :John Locas