Levinsohn took over Yahoo in May after the company lost CEO Scott Thompson amid a scandal involving incorrect information on his resume. Thompson had just been hired in January as Yahoo’s third chief executive officer in just over three years.
Many thought Levinsohn would be picked to take over the job permanently, but after being passed over for an outside hire, his resignation came as no surprise. According to a Securities and Exchange Commission filing made on Monday, today is his last day on the job.
Levinsohn joined Yahoo in October 2010 and was head of the company’s global media division. He leaves today 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, and an option to buy 400,000 shares at a price determined by Yahoo’s compensation committee. The outstanding restricted stocks and options fully vest upon his departure.
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