Language Selection

English French German Italian Portuguese Spanish

Yahoo's CEO cashes $230M in stocks in 2004

Filed under
Misc

For Yahoo Inc. Chief Executive Terry Semel, it pays to be wanted. Semel took advantage of a rebound in technology stock prices and sold 10 million shares of Yahoo worth $230 million last year, making his annual haul one of the largest ever for a corporate executive. He still holds $324 million worth of stock he can sell any time and another $71 million of restricted shares.

Meanwhile, the company said in a regulatory filing that it made Semel's pay package even better because he has become an "attractive candidate to competing organizations." The company said it "took aggressive action in 2004 to retain Mr. Semel."

So it gave Semel an additional 1 million stock options he can cash out by the end of this year and another 1 million he can sell in 2006, provided the company meets certain financial goals. Semel can buy the shares at $34.75 each once they vest.

Typically, all those stock options would vest over four years.

Semel also received another 250,000 shares that he can sell in three years. The company did not increase Semel's base pay, which is $600,000 annually.

The former Hollywood movie studio boss flirted briefly with Disney Inc. when it was looking for a successor to chief executive Michael Eisner, who is retiring in October.

Yahoo's market value has tripled since Semel's 2001 arrival, restoring more than $30 billion in shareholder wealth that evaporated after the company's stock crashed from a split-adjusted high of $118.75 per share in 2000. The stock gained 66 percent in 2004.

On Tuesday, Yahoo's stock rose 8 cents to close at $35.15 in trading on the Nasdaq Stock Market.

Semel rejuvenated Yahoo by streamlining its operations, creating more subscription services and positioning the company's Web site as an online advertising hub. He also pulled off several major acquisitions that have boosted the company's profit.

By PAUL ELIAS
AP Business Writer
Source

More in Tux Machines

Security Leftovers

  • Security updates for Friday
  • That Nasty Samba Vulnerability Is Now Patched in All Supported Ubuntu Releases
    You might have read the news this morning about a wormable code-execution bug discovered in the Samba free software re-implementation of the SMB/CIFS networking protocol, which existed in Samba for more than 7 years.
  • Why Is Linux More Secure Than Windows?
    When choosing an operating system, there are many different factors that are taken into consideration. However, security is becoming increasingly important. You only need to look at the news to see the increasing number of data breaches that are occurring around the world at present. Choosing an operating system with care is your first step when defending your personal data. With that in mind, read on to discover the reasons why Linux is more secure than Windows.
  • CloudLinux 7 Stable Kernel Security Update Patches Multiple Issues, Update Now
    CloudLinux's Mykola Naugolnyi has announced today the availability of a new stable kernel update for users of the CloudLinux 7 and CloudLinux 6 Hybrid operating systems, addressing multiple security issues and bugs. This new CloudLinux 7 stable kernel comes less than 24 hours after the release of the Beta kernel with the same version number, specifically 3.10.0-614.10.2.lve1.4.50, which replaces kernel-3.10.0-427.36.1.lve1.4.47 and is available for download as we speak from the production repository of CloudLinux 7 operating system series.
  • [Older] E-Health Cyber-DOOOOOOM.

    We know the Australian government has one of the worst record of data breaches in the world. So naturally, rather than addressing their incompetencies, the Australian government has decided to roll out an e-health record for every Australian citizen. And it's opt-out only.

  • Chipotle says 'most' of its restaurants were infected with credit card stealing malware

    We browsed through the tool and found that every state Chipotle operates in had restaurants that were breached, including most major cities. The restaurants were vulnerable in various time frames between March 24th and April 18th, 2017. Chipotle also operates another chain called Pizzeria Locale, which was affected by the hack as well.

  • 'Thousands' of known bugs found in pacemaker code

    The other study of the broader device market found only 17% of manufacturers had taken steps to secure gadgets.

  • Kaspersky says no idea why company targeted by US govt [iophk: "dared to show vista7 in an unfavorable light"]
  • Any website can crash your Windows 7 or 8 PC with these four characters

    Here's how the bug works. All a naughty website has to do is use the character string '$MFT' in the directory name where a website keeps its images. Windows expects to see the four characters $MFT only in a special metadate file on your PC. When it sees those characters as a directory name, however, it causes enough problems that an affected PC will begin to slow down and eventually hang. At that point your only recourse is to reboot the machine. In some cases, the problem may even trigger the dreaded blue screen of death (BSOD).

Android Leftovers

The Past Week in Techrights (Still on Holiday)

First LXQt-Based Lubuntu 17.10 Daily Builds Surface, Here's What It Looks Like

Lubuntu maintainer Simon Quigley was kind enough to inform us today about the availability of the first daily build ISO images of the upcoming Lubuntu 17.10 (Artful Aardvark) operating system, with the LXQt desktop environment. The development cycle of the Ubuntu 17.10 (Artful Aardvark) operating system started two months ago when Canonical's Adam Conrad gave the green light to all maintainers and developers involved in the project, and the first Alpha milestone is now approaching fast. Read more