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March 13 (UPI) — Yahoo CEO Marissa will receive a severance package of about $23 million and she won’t stay with Altaba after the company is sold to Verizon.
Yahoo has more than 1 billion users, including more than 600 million mobile users.
Mayer’s termination as CEO could lead her to receive $3 million in cash, $20 million in equity, and $25,000 in continuing medical-coverage benefits.
Altaba will become an investment company running Yahoo’s investments in Alibaba Group and Yahoo Japan, along with convertible notes, and non-core patents.
Mayer also has stock options and restricted stock units worth nearly $76.8 million.
Yahoo CEO Marissa Mayer Would Get $23M Severance Package After Verizon Deal Closes If She’s Fired or Leaves for ‘Good Cause’
Until the Verizon deal closes, Mayer will continue to serve as CEO and Goldman will continue to be CFO.
Yahoo previously had said that Mayer would resign from the company’s board following the closing of the Verizon deal.
Under their severance agreements, chief revenue officer Lisa Utzschneider would receive $16.5 million (including $14.7 million in equity) and Goldman would receive $9.5 million (including $7.8 million in equity).
Yahoo said Thomas McInerney, formerly CFO of Barry Diller’s IAC, will take over as CEO of the company following the Verizon deal closing, which is expected sometime in Q2.
Yahoo CEO Marissa Mayer, following the closing of the Verizon acquisition of the internet company’s operating businesses, will get a golden parachute package worth around $23 million if she’s fired or leaves for good cause within a year, Yahoo disclosed in a regulatory filing Monday.
collected by :John Locas