Date:20/09/11
Yahoo Inc. Chief Financial Officer Tim Morse has received a pay increase as he steps into the new role of interim chief executive following the firing of Carol Bartz last week.
According to a regulatory filing on Friday, Yahoo board members approved a base salary increase for Morse to $750,000 from $600,000, effective Thursday.
Yahoo is undertaking a strategic review under Morse, who had been hired as Bartz's CFO in June 2009. Yahoo has said it will seek a permanent CEO. Bartz was ousted by board members after Yahoo failed to make enough progress in its ongoing turnaround effort during her tenure.
She had been hired in January 2009, and received a base annual salary of $1 million. Bartz did not receive a salary increase for 2010.
She received total compensation for 2010, including stock and option awards, of $11.9 million, according to Yahoo's proxy filing in April. Morse received $2.9 million in total compensation last year, according to the proxy filing.
According to the filing, Morse's employment agreement signed in 2009 includes a target annual cash bonus equal to 100% of his base salary.Yahoo shares closed up 0.5% at $14.97 and recently climbed to $15.05 after hours.
Yahoo interim CEO Morse given payrise
Yahoo Inc. Chief Financial Officer Tim Morse has received a pay increase as he steps into the new role of interim chief executive following the firing of Carol Bartz last week. According to a regulatory filing on Friday, Yahoo board members approved a base salary increase for Morse to $750,000 from $600,000, effective Thursday.
Yahoo is undertaking a strategic review under Morse, who had been hired as Bartz's CFO in June 2009. Yahoo has said it will seek a permanent CEO. Bartz was ousted by board members after Yahoo failed to make enough progress in its ongoing turnaround effort during her tenure.
She had been hired in January 2009, and received a base annual salary of $1 million. Bartz did not receive a salary increase for 2010.
She received total compensation for 2010, including stock and option awards, of $11.9 million, according to Yahoo's proxy filing in April. Morse received $2.9 million in total compensation last year, according to the proxy filing.
According to the filing, Morse's employment agreement signed in 2009 includes a target annual cash bonus equal to 100% of his base salary.Yahoo shares closed up 0.5% at $14.97 and recently climbed to $15.05 after hours.
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