Less than two weeks after Yahoo Inc. general counsel Ronald Bell resigned from his position, the tech giant announced that Arthur Chong, former general counsel at Broadcom Corp., is taking over as Yahoo’s top lawyer, effective March 10.
In a Monday U.S. Securities and Exchange Commission filing, Yahoo revealed that Chong, who also served as an outside legal adviser to the Sunnyvale, California-based company from October 2016 to March 2017, has been named general counsel and secretary.
Yahoo, which did not immediately reply to request for comment on Chong’s appointment, announced March 1 that Bell had stepped down. His resignation came in the wake of an independent investigation that found Yahoo’s legal team failed to sufficiently investigate a massive 2014 data breach at the company.
Chong will be paid $1 million annually, according to his offer letter, and will work in the company’s San Francisco office. Following Verizon Communications Inc.’s acquisition of Yahoo’s operating business, Chong will continue as top lawyer for the remaining part of the company, Altaba Inc.
For roughly five months, from Oct. 31, 2016, to March 9, 2017, Chong provided outside legal counsel to Yahoo and was compensated $100,000 per month, according to Monday’s SEC filing. While it’s not disclosed whether Chong was involved in legal efforts around the two massive data breaches that have occurred at Yahoo in recent years, he began advising the company shortly after the first breach was revealed, in September 2016, and would have still been providing counsel when the second hack was announced in December 2016.
Prior to working with Yahoo, Chong served as a special adviser to Sheppard, Mullin, Richter & Hampton. He was also executive vice president, general counsel and secretary at Broadcom Corp. for over seven years. Before that, he held legal roles at insurance company Safeco Insurance and health care company McKesson Corp.
Yahoo has appointed a new chief compliance officer as well, according to the company’s SEC filing. DeAnn Fairfield Work, who has also served as an outside legal adviser to Yahoo, will not join the company in this role until after the closing of the transaction with Verizon. Work previously held various legal roles at Broadcom, including senior vice president, senior deputy general counsel and chief compliance officer from December 2012 to February 2016.
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