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Yahoo sends CEO packing without severance package

Yahoo ended Scott Thompson’s four-month stint as its CEO without giving him a severance package, according to documents filed on Monday.

Thompson, 54, left on Sunday in a management shake-up triggered by inaccurate information in his official biography. He would have been entitled to a severance package if Yahoo had terminated him "without cause", according to the contract he signed in January.

When Yahoo fired Carol Bartz as CEO eight months ago, the company paid her USD3 million in severance. Bartz stands to make even more money from the nearly 386,000 shares of restricted stock and nearly 416,000 stock options that vested upon her ouster.

 

(Source: CNBC)