Yahoo! Inc. (YHOO) said in a regulatory filing on Wednesday that its Chief Operating Officer Henrique de Castro would leave the company, effective January 16.
Castro will receive the severance benefits as per his employment offer letter and severance agreement, as well as equity award agreements. The severance package is estimated to be worth over $42 million.
A former Google executive, Castro was hired by Yahoo! Chief executive Marissa Meyer to boost revenues of the struggling internet company. His departure, after about 15 months on the job, is possibly an indication that those efforts are not paying off as expected.
Reports suggested that there were clashes between Castro and Mayer over the slow progress Yahoo! was making.
YHOO closed down 0.2 percent on Wednesday at $41.07.
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