Yahoo's Chief Operating Officer Henrique de Castro is calling it quits after working for the company for a little more than a year.
Yahoo's Marissa Mayer has taken some drastic measures to turnaround the ailing Internet Company since she stepped in as the CEO in July 2012. One of her strategies to improve the company's ranking was to hire Henrique de Castro in October 2012, who was then the vice president of Google's worldwide partner business solutions group. Castro reported directly to Mayer and supervised the company's sales, operations, media and business development around the world.
The news of Castro's departure from Yahoo came to light through a United States Securities and Exchange Commission filing, Wednesday.
"Henrique de Castro, Chief Operating Officer of Yahoo! Inc. (the "Company"), will be leaving the Company effective January 16, 2014," read a Securities and Exchange Commission filing, Wednesday "Mr. de Castro will receive the severance benefits provided for in his Employment Offer Letter, dated October 15, 2012, Severance Agreement, dated February 28, 2013, and equity award agreements."
At the time of hiring Mayer praised Castro's expertise in the advertising business, which could be utilized to help Yahoo to rebuild its image. A report from AdWeek in September revealed that Castro's relations with Mayer were not at their best and the clashes between the duo affected the company's progress. Castro's unpleasant behavior also made it difficult for the company to hire a head of media, mainly because some executives feared having to report to Castro.
As per the filing, Castro will receive his severance benefits as promised in the employment and severance agreement, as well as equity. According to a report from RTT News, Castro is expected to take a package worth over $42 million.
