It hasn’t been an easy few days for former Yahoo CEO Carol Bartz, who was fired by the Web company’s chairman of the board earlier this week. But despite being on the losing end of the executive equivalent of a (very public) phone breakup, things could be worse. It turns out that Bartz will likely collect a cool $10 million for her troubles.
According to an 8-K form that the company filed with the Securities and Exchange Commission yesterday, Bartz will receive severance benefits “for termination without cause.”
CNN did the math, estimating that the benefits include $3 million in cash, as well as a pro-rated yearly bonus worth between $1 million to $2 million. Then there’s the company stock, which adds up to another $5.2 million, according a payout figure Yahoo floated last December, and is now higher. And finally, the former CEO could still get all of the restricted shares that haven’t vested. Total: more than $10 million, says CNN.
Bartz might always be remembered as the CEO who presided over Yahoo's decline but having an enormous pile of money to land on could soften her fall.