Tags: marissa mayer | yahoo ceo | spending

Marissa Mayer Under Fire for Lavish Spending as Yahoo CEO

Image: Marissa Mayer Under Fire for Lavish Spending as Yahoo CEO
(REUTERS/Elijah Nouvelage)

By    |   Wednesday, 16 Dec 2015 08:21 AM

Yahoo CEO Marissa Mayer has come under fire this week for reportedly spending lavishly throughout her tenure.

The New York Times reported on Monday that hedge fund manager Eric Jackson of SpringOwl Asset Management sent a "devastating new presentation" to Yahoo's board laying out a litany of Mayer's alleged expenses.

"She paid about $3 billion for acquisitions of companies you’ve mostly never heard of, like Aviate, Polyvore and Distill (and one company you may have heard of, Tumblr)," the Times summarized.

"About $365 million of compensation went to Ms. Mayer herself, assuming she stays for an additional year and a half. And $109 million to an executive she hired to be her chief operating officer, who was then summarily fired 15 months later. An estimated $450 million on free food for the staff. And, depending on whom you believe, double-digit millions of dollars on parties and events, including a 'Great Gatsby'-themed holiday party several weeks ago that was held with no apparent irony."

Jackson's analysis has been dismissed by some inside the company as inaccurate, but it has certainly made investors and others in the business and tech worlds refocus on Mayer's three-year tenure.

Many critics say Mayer has not been able to turnaround the aging tech giant, and that it is now worthless beyond its stake in Alibaba. That would certainly not make her the first CEO that's been unable to bring Yahoo back to its glory days, but the accusations of lavish spending certainly don't help her case among investors.

The Times in particular mentions all of the companies that Mayer could have acquired in the last three years: Netflix, Spotify, Snapchat, and more.

A day after Jackson's report was released, Vice.com published an in-depth report on Yahoo's recent Great Gatsby-themed holiday party that made matters even worse.

Mayer spent a substantial part of the party "behind a series of velvet ropes" on a pure white arm chair.

"Attendees could sit next to her on an adjacent couch and pose for a photo," it reported. "The rest of the cavernous room was filled with even more chandeliers and urns and a vintage Rolls Royce. Swinging flapper aerialists pouring champagne towers and Gatsby-esque costumed actors walking around like vintage cigarette girls."

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Yahoo CEO Marissa Mayer has come under fire this week for reportedly spending lavishly throughout her tenure.
marissa mayer, yahoo ceo, spending
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2015-21-16
Wednesday, 16 Dec 2015 08:21 AM
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