Ross Levinsohn leaves Yahoo
Ross Levinsohn the then interim CEO has today left Yahoo. Ross Levinsohn was appointed interim CEO after a resume flaw was found on former CEO Scott Thompson.
Levinsohn has left Yahoo and has not revealed his next task yet. He leaves after the Yahoo board chose Marissa Mayer as new CEO by passing him again. Levinson’s exit was not unexpected, the board had earlier by passed him for Scott Thompson.
I am proud of Yahoo
Here is his thank you note to staff obtained by AllthingsDigital.
“I wanted to let you know that my time at Yahoo has come to an end. It has been an incredible journey for me and I could not be prouder of what we accomplished over the past few years helping define Yahoo as a leader in digital media and advertising. Yahoo is an amazing brand and company, and I leave knowing we did all we could to help inform and entertain more than 700 million users each month. Leading this company has been one of the best experiences of my career, but it is time for me to look for the next challenge.
– Ross
His compensation
According to the Reuters report, Levinsohn has not left the company empty handed.
“In his 2010 offer letter and 2011 Levinsohn will receive severance payments, plus an equity award of 67,000 restricted stock units with stock options of 250,000 which at an exercise price of $15.80 as of Friday,adding up to over $5 million.”
Reuters says his earlier agreements call for $1.4 million in salary and target bonus, plus 175,000 restricted stock units or RSUs, and an option to buy 400,000 shares at a price determined by Yahoo’s compensation committee.
Yahoo on Monday in their securities filing issued Levinsohn a separation agreement entitling him to payments and benefits stated in his offer letter with the Company dated October 27, 2010 for termination without “Cause”. The Separation Agreement is
found here.
Mayer’s Gratitude
Here is what Marissa Mayer sent as a memo to staff as a thank you note to Levinsohn as obtained by Allthingsd.com;
Subject: Thank You to Ross Levinsohn
Do Not Forward
I am writing to let you know that Ross Levinsohn will be leaving the company at the end of July.
Ross has been an important and powerful contributor at Yahoo since he joined in 2010. During May and June, Ross stepped into an incredibly tough role as interim CEO and did a terrific job — he really helped keep the company moving, closed important deals, and assembled a very talented team. I am very grateful to Ross for his leadership and work throughout his tenure at Yahoo. His contributions will be missed.
Ross will be in Sunnyvale tomorrow (Tuesday, July 31). Please take the opportunity to drop by and thank him for all he has done for the company. I hope you can join me in wishing Ross well and letting him know how much you’ve appreciated him as a colleague.
– Marissa
Future
Levinsohn’s future is unknown at the moment but his performance record at Yahoo might land him a new deal. His former boss Scott Thompson is new CEO at eBay’s ShopRunner.
