June 1st, 2009
Yahoo's Jorgensen lands nicely as new Levi Strauss CFO
It appears that Yahoo CFO Blake Jorgensen, a casualty of management restructuring by new CEO Carol Bartz earlier this year, will land pretty nicely on his feet. 
Jorgensen, who has remained on the job as part of a transitional period, is set to receive a severance package of $1.8 million when he leaves, according to a May 22 filing with the Securities and Exchange Commission. It looks like June 30 will be his last day as he’s set to start a new job as CFO for San Francisco-based apparel company Levi Strauss on July 1, according to the company.
First reported on the San Jose Mercury News’ DocuDrama blog, Jorgensen is set to receive an annual salary of $650,000 - a nice jump from the cool half-million he was earning at Yahoo - and will also pocket a $250,000 signing bonus from Levi Strauss, according to an SEC filing. And just to seal the deal, the company has guaranteed him at least half of his target $487,500 bonus, or $243,750.
Jorgensen’s “resignation” was announced a day after he and EVP Hillary Schneider took the stage at the Goldman Sachs investor conference back in February. On the stage, he came across as a good company soldier - talking about the transition to the Bartz regime, as well as the company’s take on partnering on its search business. Analysts immediately criticized the company for putting Jorgensen on stage at the event when it was apparent that he was on his way out the door.
Sam Diaz is a senior editor at ZDNet. See his full profile and disclosure of his industry affiliations.
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