updated 09:10 pm EDT, Mon July 30, 2012
Levinsohn expected to be named to the position permanently
Following a weekend of rumors, former interim CEO Ross Levinsohn has confirmed that he is leaving Yahoo after not being named for the permanent position. Levinsohn's announcement comes just two weeks after former Google executive Marissa Mayer was appointed as Yahoo CEO and president. Yahoo's last full-time chief executive, Scott Thompson, left in May with controversy swirling about resume educational discrepancies.
Levinsohn had allegedly been telling candidates for senior positions within Yahoo that he would be the chief executive. According to reports, Yahoo employees were hoping that Levinsohn would stay with the company in some capacity and help guide the company.
Over the weekend, Levinsohn emailed: "I wanted to let you know that my time at Yahoo has come to an end. It has been an incredible journey for me and I could not be prouder of what we accomplished over the past few years helping define Yahoo as a leader in digital media and advertising. Yahoo is an amazing brand and company, and I leave knowing we did all we could to help inform and entertain more than 700 million users each month. Leading this company has been one of the best experiences of my career, but it is time for me to look for the next challenge."
The ex-interim CEO is departing with $5 million in vested stock options, plus 175,000 restricted stock units. A one-time payment of $1.4 million will be given to Levinsohn as well, in accordance with his 2010 offer letter, and 2011 severance agreement. After a stint as head of Fox Interactive Media, Levinsohn joined Yahoo in 2010 as executive vice president of the Americas.