Yahoo Inc hired Henrique de Castro, a Google Inc executive, to be its chief operating officer, the latest move by Yahoo Chief Executive Marissa Mayer to build a new management team at the struggling Web company.<\/p>\n
De Castro, who will oversee Yahoo’s global sales, operations, media and business development, will be eligible for a whopping $58 million total compensation package, according to an SEC filing by Yahoo on Monday.<\/p>\n
Yahoo said that de Castro would receive $600,000 in annual base salary, as well as a $36 million in restricted stock units and stock options as a one-time retention award, among other parts of his compensation package.<\/p>\n
De Castro will start at Yahoo by January 22, the company said. If de Castro, who the technology blog AllThingsD.com said was born in Portugal, has not obtained a work visa prior to his official start date he will initially work in London for a Yahoo subsidiary, the company said.<\/p>\n
Mayer, a former Google executive who joined Yahoo as CEO in July, in a statement cited de Castro’s experience in Internet advertising and his work “structuring and scaling global organizations.”<\/p>\n
The 37-year-old Mayer, who gave birth to her first child on September 30, also announced the hiring of de Castro with a Twitter message in which she noted that Monday was her first full day back in the office.<\/p>\n
Yahoo is one of the world’s most-visited online properties, but revenue has declined in recent years amid competition from Google and Facebook Inc. Yahoo has also been beset by internal turmoil that has resulted in a revolving door of CEOs. The surprise appointment of Mayer in July made her Yahoo’s third chief in about 12 months.<\/p>\n
Mayer has yet to reveal her plan for revitalizing Yahoo, but has made a few key hires, including new finance chief Ken Goldman and marketing head Kathy Savitt, a former Amazon.com executive.<\/p>\n
De Castro is currently vice president of Google’s worldwide partners business solutions group, overseeing advertising services for the company’s publisher and commerce partners.<\/p>\n
Shares of Yahoo, which reports third-quarter results on October 22, were up 7 cents at $15.75 in after-hours trading on Monday. The shares fell 1.3 percent to $15.68 during the regular session.<\/p>\n
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