On Friday Carol Bartz, quietly resigned from Yahoo’s board. Upon stepping down Bartz is expected to collect $14 million. She was on the board for about 30 months or so. This is in addition more than $50 million that Bartz collected as CEO. That works out to over $2 million per month over that period. That is a lot of money to pay for someone that everybody (including kids) knew was so clueless about the internet.
Bartz is not the only one to blame here. Why did Yahoo directors hire Bartz in the first place, given her lack of experience in the consumer Internet industry. Now the same directors are firing her as CEO, for poor performance.
One of the first things Bartz did after landing at Yahoo was to argue with the board that she wasn’t being paid well. A regulatory filing reveals that the directors then paid Bartz $47.2 million in compensation for 2009. To pay for that hundreds employees were cuts from the payroll.
By comparison, Steve Ballmer, was paid $1.27 million in compensation for the fiscal year of 2009, Eric Schmidt was paid $245,322 and Steve Jobs was paid $1. During that Yahoo has gone from $35 to $12, Microsoft and Google have stayed flat and Apple has gone to the moon. If Bartz has any integrity she would give all the money back. Well, is she did she wouldn’t have taken the job in the first place knowing that she knew nothing about the internet and was incapable of doing the job.carol bartz, Yahoo