/>
X

Yahoo names CEO for Altaba spin off, and it's not Marissa Mayer

Mayer won't lead the newly formed Altaba Inc, made up of Alibaba and Yahoo Japan. If Verizon doesn't hire Mayer following the sale, she could get a cool $23 million.
jake-smith-author-mug.jpg
Written by Jake Smith, Contributing Writer on
marissa-mayer-yahoo-ceo-corbis.jpg
(Image: JOHANNES EISELE/AFP/Getty Images)

Yahoo on Monday said Marissa Mayer will no longer serve as CEO, upon closing of the sale with Verizon, and Thomas McInerney will take over the newly spun off Altaba Inc, which includes holdings in Alibaba and Yahoo Japan.

In a regulatory filing, Yahoo said Mayer will receive a $23 million severance package, made up of $3 million in cash, and equity worth roughly $20 million at current market value. Mayer and Yahoo CFO Kenneth Goldman will continue in their leadership roles until the sale closes.

The $4.48 billion deal is expected to close by the end of June. McInerney has served on Yahoo's board since 2012 and recently served as CFO at IAC.

It's not clear what Mayer's future looks like at Verizon, who is acquiring only the core assets from Yahoo. Verizon already asked for a $925 million discount following high-profile hacking scandals at Yahoo, but it settled for $350 million off the sale price.

Mayer will recieve the severance package if she isn't hired by Yahoo after the sale.

VIDEO: What you need to know about the Yahoo breach

Related

CERN is firing up its Large Hadron Collider at record energy levels, in search of dark matter
cern-photo-202011-145-2.jpg

CERN is firing up its Large Hadron Collider at record energy levels, in search of dark matter

Innovation
This is the ultimate security key. Here's why you need one
Yubikey 5C NFC

This is the ultimate security key. Here's why you need one

Security
He flew American Airlines, she flew United. For both, the unthinkable happened
screen-shot-2022-06-30-at-10-14-36-am.png

He flew American Airlines, she flew United. For both, the unthinkable happened

Business