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Tim Armstrong, the first-ever CEO of Verizon’s Oath, will receive $60million to leave the company even though the division he led saw its value drop by half, it has been reported.
In a move announced by the company last fall, Armstrong left after his stint as the head of the Verizon unit that included faded internet stars AOL and Yahoo.
Payout - Combination - Severance - Package - Verizon
The $60million payout is derived from a combination of salary, severance, and an incentive package that he received when Verizon acquired AOL in 2015, according to The Wall Street Journal.
The bulk of the payment is from the $31.1million founders award he received last year.
Value - Division - Value - End
He is due to receive more than $16million if the value of the internet division remains the same as its value at the end of 2018.
His base salary for 2018 was $12.5million while the cash severance he will receive from the company exceeds $6.3million.
Terms - Severance - Armstrong - Verizon - Customers
According to the terms of his severance, Armstrong is not allowed to recruit Verizon customers or employees for a period of one year. He is also not allowed to directly compete with the company during that time.
The digital department at Verizon
Armstrong - Executive - Oath - Name
Armstrong was the first chief executive at Oath, the name...
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