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BRIEF-Yahoo CEO to forgo annual equity award in 2017
March 1, 2017 / 10:41 PM / 8 months ago

BRIEF-Yahoo CEO to forgo annual equity award in 2017

March 1 (Reuters) - Yahoo Inc:

* Outside forensic experts have identified about 32 million user accounts for which they believe forged cookies were used or taken in 2015 and 2016

* Says it believes that some of this activity is connected to the same state-sponsored actor believed to be responsible for 2014 security incident

* Forged cookies have been invalidated by the company so they cannot be used to access user accounts

* In response to independent committee’s findings related to 2014 security incident, board determined not to award to the CEO a cash bonus for 2016

* CEO offered to forgo any 2017 annual equity award given that 2014 security incident occurred during her tenure and board accepted her offer

* Recorded expenses of $16 million related to the security incidents in the year ended Dec 31, 2016

* On March 1, 2017, Ronald S. Bell resigned as the company’s General Counsel and Secretary and from all other positions with the company

* Board directed company to implement or enhance number of corrective actions, including revision of technical and legal information security incident response protocols

* Expect capital expenditures in 2017 to be slightly higher than the amount reported in 2016 excluding land sale proceeds

* Expect capital expenditures in 2017 will be funded by cash flows from operating activities

* As of Dec 31, 2016, compnay had about 8,500 full-time employees, 600 contractors compared with 10,400 employees and 860 contractors at end of 2015 Source text - (bit.ly/2lV4REM) Further company coverage:

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