Marissa Mayer to get $23 million worth severance package following Verizon acquisition

Marissa Mayer is supposed to step down as the CEO of Yahoo and enter Verizon following the deal.

Marissa Mayer
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Marissa Mayer the present CEO of Yahoo is all set to get $23 million as a part of her "golden parachute" deal with the company. This said agreement kicks in as soon as Verizon completes their acquisition of the tech firm's Internet assets, such as Yahoo Mail, Yahoo Finance etc. Mayer's severance package includes $3 million in cash and $20 million worth stock.

Mayer will step down as the CEO of the company after the Verizon acquisition - essentially a holding company for a stake in Chinese e-commerce giant Alibaba that will be renamed Altaba. Yahoo board member Thomas McInerney will take over as the new CEO of Altaba.

The Chief Financial Officer of Yahoo Ken Goldman will also step down and his severance package is worth $9.5 million.

Marissa Mayer is supposed to join Verizon following the deal along with the Yahoo core assets. However, her departure from the post of the CEO of Yahoo definitely marks the end of a turbulent era. She joined the company in 2012 and tried to reshape the company into a powerful media by acquiring multiple businesses over the year. But ultimately she failed to bring the significance that Yahoo used to once enjoy during the dot com boom.

Mayer was the in-charge when the biggest two hacks in the history, happened to Yahoo. It was because of these security breaches, Verizon's original offer to acquire Yahoo for $4.83 billion dropped by $350 million.

This article was first published on March 14, 2017