Fired Yahoo CEO denied severance pay
5/15/2012SAN FRANCISCO — Yahoo! Inc. ended Scott Thompson's four-month stint as its chief executive officer without giving him a severance package, according to documents filed Monday.
Mr. Thompson, 54, left Sunday after his official biography was found to contain exaggerated information. He would have been entitled to a severance package if Yahoo had terminated him "without cause," according to the contract he signed in January.
Mr. Thompson kept a $1.5 million bonus and restricted stock valued at $5.5 million that Yahoo paid him when he joined, intended to compensate him for benefits he gave up by leaving his job running PayPal, the online payment service owned by eBay Inc.
But Yahoo is requiring him to surrender unvested stock awards valued at $16 million.