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Yahoo Inc. (YHOO) said Monday its recently-deposed Chief Executive Scott Thompson is leaving without receiving severance pay, though he will keep so-called "make whole" cash and stock the company had given him to make up for compensation left behind at his former employer eBay Inc. (EBAY).
Yahoo disclosed its parting agreement with Thompson in a regulatory filing, one day after he stepped aside following the Internet firm's discovery of evidence that contradicted his claims that he wasn't responsible for a glaring inaccuracy in his academic record.
Thompson will leave behind all outstanding but not-fully-vested stock awards, "with no severance compensation," Yahoo said. However, he retains the right to a make-whole grant of restricted stock with a value of $6.5 million, which was previously disclosed.
Thompson, who took the top job at Yahoo in January, had been entitled to a total of $22.5 million in potential stock awards, a $1.5 million cash bonus and a $1 million annual salary.
Hedge fund Third Point LLC, which had been waging a proxy battle for increased control of Yahoo, flagged an error in Thompson's academic record earlier this month--which mistakenly presented him as having a computer science degree.
After an internal review, Yahoo said on Sunday that Thompson would be replaced by interim CEO Ross Levinsohn, an executive who has been with the company since 2010. Meanwhile, Third Point ended its proxy battle after its leader Dan Loeb and others won Yahoo board seats.
Thompson had been a highly touted president of eBay's PayPal payments unit before joining Yahoo and making headway on an ambitious turnaround effort.
-By John Letzing, Dow Jones Newswires; 415-765-8230; email@example.com