Wed, Oct 17, 2012 - Page 15 News List

In comeback bid, Yahoo nabs top Google executive


Yahoo Inc on Monday announced it had nabbed another key Google Inc executive, naming Henrique de Castro as its new chief operating officer.

De Castro will report directly to Yahoo chief executive Marissa Mayer, who came from Google in July to help turn around the struggling Internet pioneer.

“Henrique is an incredibly accomplished and rigorous business leader, and I’m personally excited to have him join Yahoo’s strong leadership team,” Mayer said. “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.”

Mayer tweeted that Monday’s announcement came on her “first full day back in the office” following a mere two weeks of maternity leave.

De Castro said in a statement that Yahoo has a potential to use its “outstanding user experience and its 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,” he said. “I can’t wait to join Marissa and the team and get started.”

De Castro was vice president of Google’s worldwide Partner Business Solutions group, where he was responsible for advertising platforms and services for Google’s publisher and commerce partners.

Prior to that, he led Google’s media, mobile and platforms organization. He has also worked at Dell Inc and consulting firm McKinsey.

De Castro will join the company by Jan. 22 next year, “or as soon as he has satisfied his obligations to his current employer,” Yahoo said.

According to a regulatory filing, de Castro will receive an annual base salary of US$600,000 and a one-time retention equity award. About US$18 million will be in the form of restricted stock units and another US$18 million in performance-based stock options. He will get a US$1 million bonus for leaving Google.

Yahoo has been trying to reinvent itself since the once-flowering Internet search service found itself withering in Google’s shadow.

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