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Yahoo CEO Carol Bartz gets $11.9 million after 75% pay cut
- — 03 May, 2011 06:45
Carol Bartz's compensation was slashed by 75 per cent in 2010, but the Yahoo CEO still managed to take home a hefty $11.9 million pay package. A year earlier, Bartz received compensation valued at $47.2 million, according to documents filed Friday with the U.S. Securities and Exchange Commission.
CEO PAYDAY: What tech's top execs raked in for 2010
Bartz's total 2010 compensation included a $1 million salary (up slightly from $969,872 in 2009) and a $2.2 million performance-based cash bonus (up from $1.5 million a year earlier). She also received stock awards valued at $6.6 million and option awards valued at $2.1 million. Her perks and other compensation extras totaled $5,365. (See also: "Perks shrink, but tech CEOs aren't ready to fly coach")
In 2009 -- the year Yahoo hired Bartz -- she received significantly larger equity awards, including stock awards valued at $13 million and option awards valued at $29.2 million.
The company, meanwhile, saw revenue fall two per cent in its fiscal year ended Dec. 31, while net income more than doubled. Yahoo reported $6.32 billion in revenue in 2010, down from $6.46 billion in 2009. Net income hit $1.24 billion, up from $605.3 million a year earlier.
Bartz's pay cut bucks the trend of rising CEO compensation. Professional services firm Towers Watson reports that median cash compensation -- which includes base salary and bonuses -- increased 17 per cent for CEOs in 2010. Total direct compensation -- which includes cash compensation plus long-term incentives and equity awards -- increased nine per cent.
Bartz's total pay is calculated using data supplied in a proxy statement filed with the SEC on April 29. The following figures are taken from the summary compensation table: salary, bonus, stock awards, option awards, non-equity incentive place compensation (performance-based cash bonus), changes in pension value and non-qualified deferred compensation earnings, and all other compensation. The estimated value of equity awards represents the grant date fair value for stock awards and stock options granted during the fiscal year.
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