Yahoo is a veritable revolving door of executives. Two weeks after the company unexpectedly appointed former Google VP Marissa Mayer as its president and CEO, interim leader Ross Levinsohn is leaving the struggling Internet company, according to a regulatory filing.
Levinsohn has served as interim CEO of Yahoo since May, when former chief executive Scott Thompson left the company in a scandal over having fudged parts of his resume. Mayer is Yahoo’s fifth CEO in three years and is tasked with attempting to revive the company, a former Web innovator.
Last year, Yahoo saw its sales drop more than 20 per cent to $4.98 billion (£3.2 billion) as it shed users to competitors like Google and Facebook. While visitors to Yahoo in May spent less than two hours and twenty minutes on the site, they spent more than six hours on Facebook, according to comScore measurements.
Levinsohn will leave Yahoo effective today (31 July), with severance payments and an equity bonus of 67,000 restricted stock units and 250,000 stock options, whose $15.80 (£10) price tag values them more than $5 million (£3.2 million).
During his time at the company, Levinsohn oversaw the details of a plan in which Chinese e-commerce company Alibaba bought back stake in itself from Yahoo. The deal was a popular one among shareholders, and will earn the company at least $6.3 billion (£4 billion) in cash and up to $800 million (£509 million) in stock.
“Ross has done a terrific job during his time at Yahoo,” a Yahoo spokesperson said. “We wish him all the best.”