Wednesday, 20 September, 2017

Yahoo's Marissa Mayer Won't Stay At Altaba After Asset Sale To Verizon

Yahoo CEO Marissa Mayer Yahoo CEO Marissa Mayer
Juana Turner | 14 March, 2017, 00:27

Wellman has served as Yahoo's global controller since October 2015 after previously serving as vice president of finance. The company hasn't confirmed that as yet so it's unclear where Mayer will be headed once this deal closes.

According to the filing, Mayer would receive a severance package worth about $23 million if her job is terminated within a year of the sale. Yahoo Chief Financial Officer Ken Goldman will also leave the company.

"My goals are simple: to execute faster, hire top talent, and make Yahoo the absolute best place to work", she had said as the new CEO. Yahoo was forced to cut the price by $350 million in the wake of the security breach announcements.

Yahoo is selling its Internet business to Verizon Communications Grp.

"Today's filing represents an important step forward in the process of completing our transaction with Verizon", Yahoo says. Yet the deal was thrown into question after the Web portal revealed massive hacks during her tenure that exposed hundreds of millions of users' online information.

An SEC filing Monday said after the deal is closed, Mayer will be replaced by Thomas J. McInerney as CEO of what will be then called Altaba.

In addition, after "discussions with the board", Mayer "offered to forgo" her 2017 annual equity award. The No. 1 USA wireless carrier had been trying to persuade Yahoo to amend the terms of the agreement following the attacks. Verizon agreed to pay $4.48 billion for Yahoo's media assets.

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