The Associated Press has found Yahoo's CEO received a $47.2 million compensation package in 2009, her first year on the job.
Carol Bartz's pay consisted mostly of stock incentives to motivate her to engineer a turnaround at the slumping Internet company. The ultimate value of those awards will hinge on how much Yahoo's market value rises under Bartz's leadership.
Analysts thought Yahoo Inc. made some progress under Bartz, even though the recession contributed to the company's biggest drop in revenue since the dot-com bust in 2001.
Yahoo shares rose by 38 percent in 2009.
The AP's executive pay calculations, based on a Thursday regulatory filing, include salary, bonus, incentives, perks and the estimated value of stock awards.