Yahoo Chief Executive Marissa Mayer oversaw a major executive-rank breakdown in leadership after the company’s 2014 data breach, the tech outfit said Wednesday.
“Certain senior executives did not properly comprehend or investigate” the hacks, the independent committee investigating the breach has determined, the company said in a regulatory filing.
In addition, Yahoo’s legal team, with sufficient info on the hack in hand, “did not sufficiently pursue it,” the committee found.
With the committee’s findings in hand, the Yahoo board decided not to award Mayer any 2016 bonus. Mayer also gave up any equity award for 2017.
The company did not disclose how much that would be. Recode on Wednesday estimated the total at $14 million.
In a Wednesday Tumblr post, Mayer said she had “expressed my desire that my bonus be redistributed to our company’s hardworking employees, who contributed so much to Yahoo’s success in 2016.”
Mayer’s payout after the Verizon sale is complete was pegged at $55 million by the company.
The legal team also took a hit. Its general counsel, Ron Bell, exited Yahoo on Wednesday, the company said.