Marissa Mayer loses cash bonus over security breaches

Timeline: The rise in addition to fall of Yahoo

The hammer has finally fallen at Yahoo over the two massive security breaches disclosed last year.

Yahoo’s (YHOO, Tech30) board decided not to award CEO Marissa Mayer a cash bonus “which was otherwise likely to be paid to her” due to the security incidents, according to a company filing on Wednesday.

On top of which, Mayer chose to give up her annual equity grant for 2017. No dollar amount was provided, however the minimum value for the equity she forfeited might be $12 million, based on the terms of her contract.

“I am the CEO of the company in addition to … This particular incident happened during my tenure,” Mayer said in a statement. “[I] have expressed my desire which my bonus be redistributed to our company’s hardworking employees.”

Yahoo also announced which its general counsel, Ron Bell, resigned by the company on Wednesday following an independent investigation into the breaches.

The investigation concluded Yahoo’s legal team had “sufficient information” to investigate the hack in 2014, however did not “sufficiently” look into the issue.

Related: Verizon cuts Yahoo deal cost by $350 million

“While significant additional security measures were implemented in response to those incidents, the item appears certain senior executives did not properly comprehend or investigate [the breach],” the company said in its filing.

Yahoo disclosed last year which the item suffered two security breaches dating back to 2013 in addition to 2014, affecting more than one billion users.

The breaches threatened to upend Verizon’s (VZ, Tech30) previously announced deal to buy Yahoo’s core Internet assets for $4.8 billion. Analysts worried Verizon might seek a $1 billion discount or abandon the deal entirely over concerns about lawsuits in addition to a user exodus.

After months of back in addition to forth, the two companies agreed to cut the acquisition cost by $350 million in addition to split the cost of any legal liabilities.

Yahoo can be currently facing “approximately” 43 class action lawsuits by customers within the U.S. in addition to abroad, according to Wednesday’s filing.

Correction: An earlier edition of This particular story misstated the amount of the initial Verizon deal.

sy88pgw (completely new York) First published March 1, 2017: 5:58 PM ET

Marissa Mayer loses cash bonus over security breaches

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