Yahoo won't pay severance to ex-CEO Thompson
Scott Thompson, in November 2010. / AP Photo/Noah Berger
(CBS/AP) SAN FRANCISCO - Yahoo (YHOO) ended Scott Thompson's four-month stint as its CEO without giving him a severance package.
The struggling Internet company disclosed in a regulatory filing on Monday that it isn't paying Thompson anything more.
Thompson stepped down Sunday in a management shake-up triggered by inaccurate information in his official biography.
He'll keep a $1.5 million bonus and restricted stock valued at $5.5 million that Yahoo paid him when he joined the company to compensate him for benefits he gave up leaving his job running PayPal, the online payment service owned by eBay Inc. (EBAY).
Yahoo Inc. required Thompson to surrender unvested stock awards valued at $16 million.
Thompson was getting an annual salary of $1 million at Yahoo and could have gotten a bonus of up to $2 million this year.
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