Thaindian News

Washington, Sept 8 (THAINDIAN NEWS) Former Chief Executive Officer of Yahoo! Inc. Carol Bartz could walk away with $10 million following the termination of her contract recently. Bartz was the boss of the Internet company for less than three years. She was fired from her job on Tuesday after the company struggled with their revenue.

Bartz is entitled to $3 million in compensation following her dismissal on Tuesday. The amount is based on her bonuses and salaries that she received in the previous year. She is also in line to be awarded a pro-rated bonus for the months that she worked in this year and that is expected to take her total to about $10 million.

Yahoo had banked their hopes on 63-year-old Bartz to take the company to the next level, especially regarding their competition for revenue on the Internet. The company faces stiff challenge from rivals Google and Facebook. However, since she took over in January of 2009, she hasn’t lived up to the expectations and the company has still been struggling to come up with the needed revenue.

The announcement of Bartz exit on Tuesday boosted the value of Yahoo’s share on the stock market. It gained 5.4 percent on Wednesday to close at $13.61 per share.