Yahoo CEO Pays Employees Out Of Pocket For Loss After $350M Loss

The deal between Verizon and Yahoo has yet to be closed, but the latter stands to lose hundreds of millions of dollars after the former decided it wasn’t worth the original asking price. It was damaged goods, after all. As a result, Yahoo’s CEO Marissa Meyer was forced to give up a sizeable bonus and stock award in order to make up the difference to employees affected.

Meyer wrote her on Tumblr page, giving readers some idea as to the state that Yahoo is in right now. The post also reveals that Meyer voluntarily gave up her bonus to workers.

“When I learned in September 2016 that a large number of our user database files had been stolen, I worked with the team to disclose the incident to users, regulators, and government agencies,” Meyer wrote. “However, I am the CEO of the company and since this incident happened during my tenure, I have agreed to forgo my annual bonus and my annual equity grant this year and have expressed my desire that my bonus be redistributed to our company’s hardworking employees, who contributed so much to Yahoo’s success in 2016.”

It would seem that Meyer isn’t the only one who is giving up something over this debacle, however, as the company’s head lawyer also got fired because of it. Ron Bell is now the former head of Yahoo’s legal team and it would appear that he decided not to pursue the 2014 matter despite sufficient evidence that he should have, Recode reports.

According to sources within the company, it would seem that the hacking scandal wasn’t as cut and dry as news reports have made it appear, as well. There were reportedly numerous incidents involving data breaches and incompetent responses, which forced numerous executives to leave their post.