“My time at Yahoo!, from its founding to the present, has encompassed some of the most exciting and rewarding experiences of my life,” Yang writes in a letter to Yahoo chairman Roy Bostock. “However, the time has come for me to pursue other interests outside of Yahoo! As I leave the company I co-founded nearly 17 years ago, I am enthusiastic about the appointment of Scott
Thompson as Chief Executive Officer and his ability, along with the entire Yahoo! leadership team, to guide Yahoo! into an exciting and successful future.”
Before Bartz’s hire, Yang served as CEO between June 2007 and January 2009, replacing Terry Semel. These were tough times for Yahoo, with disappointing returns, job cuts, market share loss, and regular calls for Yang’s ousteAfter Yahoo’s board fired ex-CEO Carol Bartz in September, it was widely rumored that Yang wished to purchase the company outright. After soliciting bids for a minority purchase in the company, activist shareholders cried foul, arguing that the board had rigged the big structure to force potential buyers to work with Yang and co-founder David Filo.
While only the English version of the site will be down, it accounts for 25 million daily visitors according to Wales:
When we talked to Wales in November, he told us that Wikipedia had over 420m unique monthly visitors, and there are now over 20 million articles on Wikipedia across almost 300 languages.
As we reported last week, the site was contemplating taking this action along with Reddit who announced that it would black out its site in protest against SOPA.
The 24 hour shutdown of Wikipedia will be replaced with instructions on how to reach out to your local US members of congress, and Wales says he hopes the measure will “melt phones” with volume:
Along with Reddit, Wikipedia joins huge Internet names like WordPress, Mozilla, and all of the Cheezburger properties in Wednesday’s “black out” protest.
The proposed act endangers the future of sites like these by holding them directly accountable for content placed on them. It has been widely reported that if an act like this passed through and became actionable, many Internet businesses would suffer greatly due to new scrutiny placed on them by the government.
Well, that didn’t take long. Bing, Microsoft’s three-year-old search engine, has officially edged out ahead of Yahoo, according to the latest data from ComScore.
In December, Yahoo dropped 0.6 percentage points over the previous months, giving Microsoft a slight lead,
despite the fact that Bing didn’t grow that much during the same time period.
Bing now commands 15.1% of the search market, while Yahoo has dropped to 14.5%. It’s not even a full percentage point, but this is the first time Yahoo has been ousted by Microsoft for that #2 slot behind Google.
Tim Cook could well end up being the highest paid CEO in America in 2011, after Apple Inc. granted him a million restricted stock units last August for taking the reins shortly before co-founder Steve Jobs died.
An Associated Press review of a securities filing shows Cook’s pay package was valued at $378 million. The vast majority came in a grant of a million restricted stock units worth $376 million at the time. Half of the stock units will vest in August 2016, the other half in August 2021.
His salary and performance bonus, about $900,000 each, made up much of the rest. He also made
$16,520 from company contributions to a 401(k) retirement account and company-paid life insurance premiums.
In comparison, Jobs accepted a $1 annual salary for years and owned about 5.5 million shares, worth about $2.3 billion today.
Cook’s award is well above that given to Philippe Dauman, the Viacom Inc. chief executive who led the top paid CEOs of 2010 with an $84.5 million haul based on a new contract that granted him shares and stock options.In total, Cook has about 1.36 million restricted shares that haven’t yet vested and 13,754 regular shares worth a combined $580 million, the filing showed.
Cook’s pay package was also valued at more than all of the next nine highest paid CEOs of 2010 combined, or about $356 million.
Apple said that its compensation goal is to encourage long-term results above short-term risk-taking, and the 51-year-old former chief operating officer won’t begin to reap the actual benefits of the stock award for another four years.
But Securities and Exchange Commission rules compel companies t
o book a share grant’s value in the year it is granted, making Cook’s whopper of a pay package unlikely to be beat.
Cook’s share grant was already known last year. The filing disclose
Apple said it raised the bonus target to keep its executive pay more in line with that of other technology and entertainment peers like Google Inc. or The Walt Disney Co.d that the company also decided in November to raise his base annual salary to $1.4 million and double the bonus target for paid executives to 100 percent of their annual salary.
The filing was released the same day Apple shares reached a new high in midday trading, briefly hitting $427.75 before falling back to close at $421.73.
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