Lots of heat out on Yahoo (NASDAQ:YHOO) Monday morning and more particularly over the compensation of its CEO Terry Semel.
Some are calling for a change to Yahoo's compensation committee, especially in light of the whopping $71.7 million pay package that Yahoo CEO Terry Semel earned last year. According to a report, this was more than any other CEO amongst 386 publicly held companies covered in the Associate Press analysis of the nation's top corporate paychecks.
Three shareholder advisory firms — Institutional Shareholder Services, Glass, Lewis and Proxy Governance — have all recommended opposing three directors who sit on Yahoo's compensation committee. They are: Bostock, a veteran advertising executive; Burkle, a billionaire best known for his investments in the supermarket industry; and Kern, a former radio broadcast executive.
The firms concluded the trio should be punished for richly rewarding Semel despite Yahoo's struggles. In 2006, Semel received a compensation package valued at $71.7 million — more than any other CEO at the 386 publicly held companies covered in an Associated Press analysis of nation's top corporate paychecks.