Yahoo's Fired COO Walks Away With $58M Severance Package
Yahoo’s Chief Operating Officer was fired after just 15 months on the job. We’re guessing he’s not too upset about it after walking away with a $58 million severance package. Nope, that’s not a typo.
Henrique de Castro left the company in January with three times the amount of his salary. He was given $56.8 million in Yahoo stock and $1.14 million in salary and bonuses.
Today on America’s Newsroom, Mediaite’s Joe Concha put de Castro’s hefty sum in perspective.
He said, “If you’re an Iowa police officer, you would have to work 1,188 years – they make about $58,000 a year – to make $58 million dollars. And that’s if you do a good job."
Thanks to contracts, Concha noted that athletes like Alex Rodriguez still make millions of dollars even for performing poorly because it’s pre-negotiated. “It’s capitalism,” he reasoned.
If the government starts to regulate private businesses' compensation packages, it could lead to regulation of the minimum wage. Concha said, "That's a can of worms we certainly don't want to open up."
Concha said it's stories like this that spark Occupy Wall Street and “Occupy Silicon Valley” movements.