Marissa Mayer is giving up her bonus and equity grants following major hacks at Yahoo

Advertisement

Marissa Mayer

REUTERS/Elijah Nouvelage

Marissa Mayer.

Yahoo CEO Marissa Mayer will turn down her annual bonus and equity grants following revelations of major hacks at Yahoo.

Advertisement

Mayer said the payments will go to Yahoo's employees instead.

Here's the statement Mayer made on her blog on Wednesday:

Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

"As those who follow Yahoo know, in late 2014, we were the victim of a state-sponsored attack and reported it to law enforcement as well as to the 26 users that we understood were impacted. When I learned in September 2016 that a large number of our user database files had been stolen, I worked with the team to disclose the incident to users, regulators, and government agencies. However, I am the CEO of the company and since this incident happened during my tenure, I have agreed to forgo my annual bonus and my annual equity grant this year and have expressed my desire that my bonus be redistributed to our company's hardworking employees, who contributed so much to Yahoo's success in 2016."

The hacks at Yahoo caused Verizon to lower its offer to buy Yahoo by about $250 million. The sale is expected to close this spring.

Advertisement

NOW WATCH: Watch 6 hours of Winter Storm Niko in under one minute