(Updates shares in the last paragraph.)
Sept. 8 (Bloomberg) -- Carol Bartz, who was fired Sept. 6 as Yahoo! Inc.’s chief executive officer, stands to receive a payout in the range of $10 million after less than three years on the job.
Bartz, 63, would have received $10.4 million, including cash and equity, had she been fired at the end of last year, according to a April 29 filing by the company that estimated the payout. In addition, Bartz is still eligible for vesting stock options based on the shares reaching certain milestones in the future.
Yahoo fired Bartz, who took the helm in January 2009, after the company posted disappointing sales and struggled to compete with rivals Facebook Inc. and Google Inc. Yahoo will lose its spot as the top seller of display ads in the U.S. to Facebook this year, New York-based researcher EMarketer Inc. has predicted.
The company said in a filing yesterday that “no new compensatory or severance arrangements were entered into in connection with these leadership changes.”
Bartz is eligible for about $3 million based on her salary and bonus last year, according to the April 29 regulatory filing. Also, the company would award a pro-rated bonus based on her months on the job this year, according to the filing.
Yahoo, based in Sunnyvale, California, fell 6 cents to $13.55 at 9:49 a.m. New York time on the Nasdaq Stock Market. The shares had dropped 18 percent this year before today.
--Editors: Donna Alvarado, Nick Turner
To contact the reporter on this story: Brian Womack in San Francisco at firstname.lastname@example.org
To contact the editor responsible for this story: Tom Giles at email@example.com.