Levinsohn leaves Yahoo two weeks after Mayer joins

 

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By Reuters and Nicole Kobie

Posted on 31 Jul 2012 at 09:41

Ross Levinsohn is leaving Yahoo, two weeks after the company announced he lost out on the top job to Google executive Marissa Mayer, the company said in a filing.

Levinsohn had been widely expected to be handed the top job at Yahoo, after filling the role as acting CEO after Scott Thompson's departure. Levinsohn will leave the company effective today.

At the time of Mayer's appointment, a source close to Yahoo told Reuters that whether he stayed on depended on "chemistry with Mayer and the commitment the company is willing to make to media". Levinsohn was seen as a media and content specialist, while Mayer is tipped to focus on technology and products.

"Ross has done a terrific job during his time at Yahoo," said a spokeswoman. "We wish him all the best."

He will go with the severance payments outlined in his 2010 offer letter and 2011 severance agreement, plus an equity award of 67,000 restricted stock units and 250,000 stock options. The options have an exercise price of $15.80, the closing per share price of Yahoo stock on Friday, giving them a current value of just over $5 million.

His earlier agreements call for $1.4 million in salary and target bonus, plus 175,000 restricted stock units or RSUs, and an option to buy 400,000 shares at a price determined by Yahoo's compensation committee. The outstanding RSUs and options fully vest on his departure.

Before joining Yahoo as executive vice president, Americas, in 2010, Levinsohn was managing director of investment firm Fuse Capital. He had previously served as president of Fox Interactive Media at News Corp, where he worked for six years.