SAN FRANCISCO (AP) — Yahoo's top lawyer is resigning after more than 12 years with the Internet company.
Michael Callahan's resignation as Yahoo's general counsel will become effective July 9. Yahoo Inc. disclosed his departure in a Friday regulatory filing.
Callahan said in his resignation letter that he wanted to explore new opportunities. He will be replaced on an interim basis by Ron Bell, Yahoo's deputy general counsel for products and the Americas region.
Callahan, 43, is the latest in a long line of top Yahoo executives who have left in recent years amid a financial malaise that has depressed its stock price. Those struggles have contributed to high turnover rate. Yahoo is currently being run by an interim CEO, Ross Levinsohn, who is sixth person to hold the company's top job in the past five years.
"As I depart, I have great confidence in Yahoo and I wish you and the rest of the Yahoo team all the best for future success," Callahan wrote in a letter to Levinsohn and Yahoo Chairman Alfred Amoroso.
Callahan joined Yahoo's legal department in late 1999 and worked his way up to general counsel in 2003. He was anointed as an executive vice president in 2007.
Yahoo, which is based in Sunnyvale, Calif., paid Callahan an annual salary of $500,000. He also received bonuses totaling $350,000 last year as part of a total compensation package valued at $4.4 million, according to the company's regulatory filings. Most of the pay consisted of stock options and other long-term stock awards.
"Mike and his team have set the industry standard for substantive excellence, business partnership, creativity and, importantly, have had fun doing it," Levinsohn wrote in a memo sent to Yahoo employees.
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