Language Selection

English French German Italian Portuguese Spanish

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

Filed under

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.

AP Business Writer

More in Tux Machines

Kubuntu 15.10 (Wily Werewolf) Now Has Latest KDE Plasma 5.4.2

Kubuntu 15.10 (Wily Werewolf) is almost ready for launch, but it looks like the developers are still pushing some important changes even this late in the cycle. Read more

Unicode 8.0 Support Added To GNOME's GLib

Within the latest development code of GNOME's key GLib library leading up to GNOME 3.20 is Unicode 8.0 support. Unicode 8.0 as released back in June adds 7,716 characters with six new scripts, many new symbols, and various character additions. Per this commit today by Red Hat's Matthias Clasen, GLib's Unicode support has been updated to version 8.0. Clasen wrote, "Regenerate data tables from the Unicode Character Database, add new scripts, and update tests to include some of the new data." Read more

Huawei Watch Review: Best Android Wear Smartwatch Available

The Huawei Watch currently offers the best option on the Android Wear platform. The Huawei Watch looks elegant and offers great design as well as multiple attractive style options depending on the buyer’s cash flow. Even iPhone owners can take a look. If an iPhone owner prefers a stainless steel round watch, then the Huawei Watch is a usable option at a lower price than the Stainless Steel Apple Watch. Android Wear works well on iPhone, but does not give users the same level of integration. The most important features work fine, including notifications and fitness tracking. We give the Huawei Watch a hearty recommendation. It is worth paying a little more for this attractive and well-designed Android Wear smartwatch. Read more

Linux Kernel 4.1.10 LTS Is Now Available for Download with Networking Fixes

After announcing the release of the Linux 4.2.3 kernel, Greg Kroah-Hartman has informed the world today, October 3, about the release and immediate availability for download of the tenth maintenance version of the Linux 4.1 LTS kernel series. Read more Also: Linux 4.3-rc4 Kernel Released: Adds A New & Better String Copy Function Linus Torvalds Announces Linux Kernel 4.3 RC4 on the Eve of the Project's 24th Birthday