Yahoo! Names Henrique De Castro As New COO

Yahoo! has poached a second big name from rival Google after announcing Henrique de Castro as its new chief operating officer.

It is the latest move by chief executive Marissa Mayer to build a new management team at the struggling company.

Ms Mayer also joined the firm from Google earlier this year.

Mr De Castro will oversee Yahoo!'s global sales, operations, media and business development.

Yahoo! said he would receive a $600,000 (£363,000) annual salary and a potential annual bonus of up to $540,000 (£336,000).

His total package is believed to be worth around $58m (£36m), which consists of restricted stock and stock options that will vest over the next four years.

Marissa Mayer joined Yahoo earlier this year

In a statement, Ms Mayer hailed Mr de Castro "as an incredibly accomplished and rigorous business leader" with the internet advertising insights that "make him the perfect fit for Yahoo! as we propel the business to its next phase of growth".

Yahoo! has been struggling to attract more advertising for several years - a problem Ms Mayer believes can be fixed by hiring the Google executive.

Through the first half of this year, Google's advertising revenue totalled nearly $21bn, a 22% increase from 2011, while Yahoo! generated about $2bn, unchanged from 2011.

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