Sick of reading about corporate CEOs whose pay keeps skyrocketing even as their companies suffer? I am, too, so I perked up a bit at seeing this headline:
Yahoo CEO’s pay package falls 75 percent…
Oops, sorry, I left off the disappointing part:
Yahoo CEO’s pay package falls 75 percent to $11.9 million
Yeah, I know how you feel. Apparently the main reason this year’s haul represents a pay cut for CEO Carol Bartz is that she received an immense ransom (mostly in the form of stock and options) for leaving Autodesk to join Yahoo! in 2009.
So now Bartz is forced to settle for a compensation package that is just obscenely exorbitant, instead of comparable to the GDP of a small country. But the news isn’t all bad for Bartz — she did receive a reward for her achievements, as he Associated Press explains:
Since her arrival, Bartz has eliminated hundreds of jobs and jettisoned online services that didn’t fit into her plan to cement Yahoo’s status as the Web’s leading hub for news, sports and entertainment. The cost-cutting helped Yahoo double its operating income to $748 million, exceeding a goal of $630 million set by Yahoo’s board, according to the company.
That accomplishment is the main reason Yahoo’s board gave Bartz a $2.2 million bonus last year, up from $1.5 million in 2009.
Oof. The search for good news continues, unrequited.