Yahoo's handling of hack costs Mayer her bonus

March 02, 2017 08:17

Yahoo chief executive Marissa Mayer lost an annual bonus and the company counsel his job after an investigation showed the company mishandled an epic hack, the tech firm said.

"I am the CEO of the company and since this incident happened during my tenure, I have agreed to forgo my annual bonus and my annual equity grant this year," Mayer said in a statement yesterday made available along with a regulatory filing on the matter.

She added that she has asked that her bonus "be redistributed to our company's hardworking employees."

The investigation findings also resulted in Yahoo general counsel Ronald Bell's resignation on Wednesday with no severance payments, according to the filing to the Securities and Exchange Commission.

An independent committee determined that Yahoo's security team knew about the 2014 hack of user accounts when it happened, the company said in the filing. Late that year, senior executives and some legal staff were made aware that "a state-sponsored actor had accessed certain user accounts" by exploiting an account management tool.

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