This Week In Pay Gap News...
Marissa Mayer is still super rich, but this shit is f*ked
File this under news that probably won’t surprise you: In the wake of former Yahoo CEO Marissa Mayer’s removal from her role and the company’s sale of its primary business to Verizon, the incoming CEO, Thomas McInerney, a former exec from Ticketmaster and IAC (a media company that owns Match.com), is slated to make a $2 million salary, which is twice what Mayer was making. Fortune reports that his year-one take home is actually expected to be $4 million. Considering Yahoo will be a shadow of its former self moving forward, compared to the struggling behemoth Mayer set out to revive, this is raising some eyebrows. A Yahoo filing seems to suggest that McInerney’s workload will in fact be pretty low key, considering the company is transitioning into more of an investment fund.
Of course, it bears noting that Mayer isn’t coming away empty handed. In the wake of repeated hacking scandals and despite rampant debate over whether her tenure as CEO was a failure, she’s slated to receive a $23 million golden parachute in addition to $69 million of unexercised stock options, plus $97 million of Yahoo stock, which she can sell if and when she’s no longer with the company.
Elsewhere in news of female CEOs getting shortchanged, Emma Walmsley, the incoming CEO of British pharma company GlaxoSmithKline and the first woman to ever hold that role, is slated to make 25% less than her male predecessor Andrew Witty. The board is citing “lack of experience” for this drop in compensation while simultaneously claiming this is part of a tightening of the purse strings for one of the world’s top 25 pharmaceutical companies. Bloomberg reports that her bonus will also be capped so that it cannot exceed her salary, whereas Witty was allowed to collect up to 125% of his salary value. Call it what you want, Glaxo, but in the context of the ongoing debate over the gender pay gap, there’s going to be some clapping back.