Let the poaching begin! If you thought Marissa Mayer was just going leave Google and its employees behind, you are grossly mistaken. The company has just appointed Henrique De Castro, Google’s top sales executive as its COO, reports All Things D.
According to the report, De Castro has been wooed with a lot of cash. His package includes “a US$600 000 yearly base salary and an annual bonus that could double that figure. In addition, the Silicon Valley Internet giant will give him $36 million in stock grants, including a one-time retention equity award of $18 million and US$18-million in the form of performance-based stock options.”
Reportedly he will also be getting US$1-million in cash for forgoing compensation from Google and US$20-million in stock to replace his shares at the search giant that will vest over four years — that’s a lot of money.
It seems Yahoo has been trying to nab the Google exec for some time now. Mayer has been pushing for him since taking over the reins at the company. A former Yahoo CEO reportedly also made efforts to get him but Mayer solidified the deal.
“Henrique is an incredibly accomplished and rigorous business leader, and I’m personally excited to have him join Yahoo!’s strong leadership team,” said Mayer in the company filing. “His operational experience in Internet advertising and his proven success in structuring and scaling global organizations make him the perfect fit for Yahoo! as we propel the business to its next phase of growth.”
She also celebrated the appointment in a tweet on her first full day back into the office.
My first full day back in the office, and I’m excited to kick it off by announcing my new COO, Henrique de Castro: businesswire.com/news/home/2012…
— marissamayer (@marissamayer) October 15, 2012
De Castro comments on the on Yahoo!’s “unique properties” and “high quality content” as well as the company’s renewed focus on “outstanding user experience” as part of his reasons for jumping ship. He also notes the company has “massive reach [to] bring tremendous value to users, advertisers and partners. This is a pivotal point in Yahoo!’s history, and I believe strongly in the opportunity ahead. I can’t wait to join Marissa and the team and get started.”
Yahoo top staff is starting to look like a new home for former Googlers, de Castro joins for colleague and current head of revenue at Yahoo Michael Barrett, who it is rumoured has had a less than pleasant working history with de Castro.