Henrique de Castro made news waves last week when it was announced that he would be leaving his position as Chief Operating Officer (COO) of Yahoo!. CEO Marissa Mayer reportedly sent out a memo to staffers announcing her decision, which some speculate was due to de Castro’s inability to revitalize the company’s advertising business.
At Yahoo!, de Castro’s compensation made him the highest-paid COO in the country. In 2012, Yahoo! reported that his total annual pay would be around $39.2 million—more than Mayer herself.
But more than his departure itself, what’s making news is de Castro’s astonishing severance package—which is sitting at a pretty $60 million. This “golden parachute” is one of the highest ever offered to an executive who was fired. Most of the larger golden parachutes have been given to executives who retire, voluntarily leave, or leave after selling off the company.
According to Gary Hewitt, “As a pure severance package due to performance-related termination, de Castro’s exit package is definitely at the top end of the severance we have seen.”
So, what makes de Castro so special? Check out our full profile of the high-powered businessman to find out.