Yahoo boss Marissa Mayer fires number two Henrique de Castro
Decision comes just 15 months after she poached him from rival Google
Yahoo boss Marissa Mayer has fired her second-in-command Henrique de Castro, just 15 months after she persuaded him to follow her to the tech giant from rival Google.
The company confirmed the news in a filing with the US Securities and Exchange Commission, in a brief statement saying the chief operating officer had departed effective from today.
Mr De Castro will leave with all the severance benefits detailed in his contract – thought to amount to around $40 million.
That is in spite of the stark drop in revenues Yahoo has experienced in recent years – and the fact that Ms Mayer explicitly pointed to the asset of Mr De Castro’s internet advertising expertise when he was hired.
While the company did not give a reason for firing the Lisbon-born executive, an internal memo acquired by the tech news website Re/code sheds a little more light on what Ms Mayer calls “a difficult decision”.
She explained to employees: “The beginning of a new year always provides time for reflection. As we enter 2014, I couldn’t be more proud of what Yahoo accomplished in 2013 or more optimistic about what we’ll accomplish in 2014.
“During my own reflection, I made the difficult decision that our COO, Henrique de Castro, should leave the company. I appreciate Henrique’s contributions and wish him the best in his future endeavors.”
Ms Mayer said the leadership structure of the company would be reorganised – suggesting that there would be no direct replacement for Mr De Castro.
She added: “Overall, I am confident that the leadership team, our direction, and these changes will enable even more successful execution. Thank you for your patience and understanding as we work through these changes.”
Despite improving online traffic, Ms Mayer and her team have continued to struggle to revive Yahoo’s flagging sales, which dropped between 5 per cent and 7 per cent in each of the first three quarters of 2013.
- 1 Revolutionary lost Caravaggio painting 'Mary Magdalen in Ecstasy' identified
- 2 McKamey Manor: This 'extreme' haunted house is the stuff of nightmares
- 3 Russell Brand says he will 'probably' give up acting to focus on his revolution
- 4 Watch what happened when food critics were unknowingly served McDonald's
- 5 David Beckham's Haig Club whisky is exactly what’s wrong with the Highlands
Renee Zellweger on plastic surgery rumours: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
Eleven members of same family hospitalised after eating deadly pufferfish
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Phone-hacking: The Piers Morgan connection - Mirror admits some stories during Morgan's tenure may have been obtained by illegal means
Russell Brand says he will 'probably' give up acting to focus on his revolution
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
Poppy Appeal 2014: This is why I won't be wearing a red poppy this year
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...