Yahoo has announced that the head of its legal team, Ron Bell, is resigning and that its CEO, Marissa Mayer, is foregoing her annual bonuses and stock options in the wake of a series of security breaches at the company.
In a series of announcements, the company has said that Bell is stepping aside after a special committee constituted by the board of the company to investigate into the circumstances that led to a series of breaches at the company found that Bell failed to take the necessary steps to manage the situation.
The company added that Bell was not being awarded any payments following his resignation from the company.
But in a move that many people believe is meant to cushion the top management of the company, it has been announced that the Marissa Mayer is foregoing her bonus and stock options for the previous year, all totalling to $14 million.
Announcing the decision, Mayer said that she had decided to forego her benefits as a sign of goodwill.
‘I have decided to forego my bonus and stock options so that the money can be distributed to the highly hardworking employees of Yahoo who have done a tremendous job in the recent past,’ she said.
However, many observers criticised the recent developments at the company, terming the sacking of Bell as an inappropriate move calculated to save Mayer the blame for the hackings.
Vijaya Gadde, the chief legal officer at Twitter defended Bell, saying that Bell is a good lawyer.
‘I know how easy it is to blame the lawyers when things go wrong but from what I know, Bell is a good lawyer,’ he tweeted.
It has been further reported that Marissa Mayer and other senior executives at the company failed to respond to the security issues that were by the security team at the company.
According to sources, the chief information security of Yahoo, Alex Stamos, raised highly important issues related to the security of the company back in 2015. However, it has been reported that Marissa Mayer and the other senior executives at the company disagreed with Stamos on the most appropriate manner of dealing with the security issues that had just been raised.
It remains to be seen what will happen in the near future at the company, given that these moves clear the way for the finalising of the takeover deal by Verizon.