After Scott Thompson’s unceremonious departure from Yahoo’s CEO spot earlier this year, Ross Levinsohn took over as the company’s interim chief executive — and for a while there, he was widely expected to eventually be named Yahoo’s permanent CEO.
And now it’s official that Levinsohn will not be sticking around to see how it plays out. His last day is tomorrow.
The news was first reported in a post today by AllThingsD’s Kara Swisher, which was followed this afternoon by Yahoo filing regulatory documents officially confirming that Ross Levinsohn will leave Yahoo, effective July 31.
Though his ego may have been bruised by Mayer’s appointment as CEO, he will not be walking out empty-handed: In the document, Levinsohn’s departure is classified as “termination without cause,” which makes Levinsohn eligible for a pretty nice severance package per his contract. This includes a cash payment equal to his annual base salary, his target annual bonus, and accelerated vesting of a number of his stock awards and options. Before he became Yahoo’s interim CEO, Levinsohn worked at Yahoo as an EVP and head of global media. Last year, his base salary was $700,000.
Yahoo has issued a separation agreement signed by Marissa Mayer, which details boilerplate clauses such as non-disparagement and non-compete. In the end, just before Mayer’s signature, is a terse valedictory: “I wish you good luck in your future endeavors.” Levinsohn’s executive background is solid, and he’s quite well-respected in the worlds of both tech and media — so it will certainly be interesting to see what those endeavors are.
Yahoo was founded in 1994 by Stanford Ph.D. students David Filo and Jerry Yang. It has since evolved into a major internet brand with search, content verticals, and other web services. Yahoo! Inc. (Yahoo!), incorporated in 1995, is a global Internet brand. To users, the Company provides owned and operated online properties and services (Yahoo! Properties, Offerings, or Owned and Operated sites). Yahoo! also extends its marketing platform and access to Internet users beyond Yahoo! Properties through its distribution network...