Language Selection

English French German Italian Portuguese Spanish

Yahoo's CEO cashes $230M in stocks in 2004

Filed under

For Yahoo Inc. Chief Executive Terry Semel, it pays to be wanted. Semel took advantage of a rebound in technology stock prices and sold 10 million shares of Yahoo worth $230 million last year, making his annual haul one of the largest ever for a corporate executive. He still holds $324 million worth of stock he can sell any time and another $71 million of restricted shares.

Meanwhile, the company said in a regulatory filing that it made Semel's pay package even better because he has become an "attractive candidate to competing organizations." The company said it "took aggressive action in 2004 to retain Mr. Semel."

So it gave Semel an additional 1 million stock options he can cash out by the end of this year and another 1 million he can sell in 2006, provided the company meets certain financial goals. Semel can buy the shares at $34.75 each once they vest.

Typically, all those stock options would vest over four years.

Semel also received another 250,000 shares that he can sell in three years. The company did not increase Semel's base pay, which is $600,000 annually.

The former Hollywood movie studio boss flirted briefly with Disney Inc. when it was looking for a successor to chief executive Michael Eisner, who is retiring in October.

Yahoo's market value has tripled since Semel's 2001 arrival, restoring more than $30 billion in shareholder wealth that evaporated after the company's stock crashed from a split-adjusted high of $118.75 per share in 2000. The stock gained 66 percent in 2004.

On Tuesday, Yahoo's stock rose 8 cents to close at $35.15 in trading on the Nasdaq Stock Market.

Semel rejuvenated Yahoo by streamlining its operations, creating more subscription services and positioning the company's Web site as an online advertising hub. He also pulled off several major acquisitions that have boosted the company's profit.

AP Business Writer

More in Tux Machines

PlayStation 4 hacked again? Linux shown running on 4.01 firmware

Hackers attending the GeekPwn conference in Shanghai have revealed a new exploit for PlayStation 4 running on the 4.01 firmware. In a live demo you can see below, once again the Webkit browser is utilised in order to inject the exploit, which - after a conspicuous cut in the edit - jumps to a command line prompt, after which Linux is booted. NES emulation hilarity courtesy of Super Mario Bros duly follows. Assuming the hack is authentic - and showcasing it at GeekPwn makes the odds here likely - it's the first time we've seen the PlayStation 4's system software security compromised since previous holes in the older 1.76 firmware came to light, utilised by noted hacker group fail0verflow in the first PS4 Linux demo, shown in January this year. Read more Also: 'Deus Ex: Mankind Divided' Coming To Linux In November, Mac Port On Hold

pcDuino goes quad-core, swaps Arduino for RPi compatibility

LinkSprite’s $25, 64 x 50mm “pcDuino4 Nano” SBC is a re-spin of FriendlyARM’s NanoPi M1, offering a quad-core H3, Raspberry Pi expansion, and 3x USB ports. Can you be a pcDuino without the Duino? For its latest open source pcDuino board, LinkSprite has switched from Arduino compatibility to a 40-pin Raspberry Pi expansion interface, breaking the mold of the three pcDuino SBCs, and five models total, that made it into our June HackerBoard SBC survey. The new pcDuino4 Nano, which is on pre-sale for $25, follows the $40 pcDuino3 Nano, which fell directly in the middle of the pack of our reader rankings of community-backed SBCs, but was the most popular of the pcDuino models overall. Read more

Linux 3.9 To Linux 4.9 Kernel Benchmarks: Testing The 21 Last Kernels

With the in-development Linux 4.9 kernel showing signs of some performance improvements, I've gone ahead and tested the last 21 major kernel releases on the same system. From Linux 3.9 to Linux 4.9, each of the major kernel releases was tested from the same Intel Core i7 desktop with a variety of benchmarks. Read more

Keeping up the fight for free software

Here's John Sullivan's vision for a more just world: You pop into your favorite electronics retailer and encounter a panoply of new gadgets, each one more alluring and astounding than the last—and each one guaranteed to respect your freedom. Your freedom to inspect its software. Your freedom to modify that software. Your freedom to have that software collect only the data you wish. Read more