Yahoo details upcoming departure of EVP Schneider in regulatory filing

Yahoo gives details on EVP exit in SEC filing

SAN FRANCISCO — Yahoo Inc. gave more details surrounding the upcoming departure of Hilary Schneider, an executive vice president who oversees Yahoo’s advertising in the U.S., in a regulatory filing Friday.

Yahoo said Thursday that Schneider would be leaving, along with two other executives: David Ko, a senior vice president in charge of mobile and audience, and Jimmy Pitaro, a vice president who ran the division that produced the heavily trafficked news, sports and finance sections of Yahoo’s website.

According to a document Yahoo filed with the Securities Exchange Commission, Schneider will leave by Dec. 31 and work with Yahoo in a transition period that won’t last beyond April 29.

Yahoo said that she will draw her salary and benefits until she leaves. She will also get a payment that is the value of her 2010 target bonus multiplied by the percentage level at which Yahoo’s bonus pool is funded for the year.

Last year, Schneider’s base salary was $600,000, and her target bonus was $600,000.

Schneider will be paid $420,000 for her transitional work with Yahoo.

She will also have to give up any stock options that have not vested by the time she leaves the company.

Yahoo said it is looking for someone to fill Schneider’s position.