Marissa Mayer will not be CEO of pieces of Yahoo that aren't being sold to Verizon, the company said Monday in a regulatory filing. It's not yet clear if she will remain with the search and news business that Verizon is acquiring.
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Marissa Mayer won't be the CEO of Yahoo's remaining business, Altaba, after the Verizon deal closes (YHOO, VZ)
Mayer will also get a severance package worth $23 million. Former IAC CFO Thomas McInerney will become the new CEO.
Marissa Mayer.
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Mayer will receive a severance package worth about $23 million, the filing says, if she's fired without cause or leaves the company for a good reason.
The new company formed out of Yahoo, Altaba, will be led by Thomas McInerney, the former CFO of IAC. Yahoo CFO Ken Goldman will also step down after the sale closes. He'll be replaced by Alexi Wellman, who is currently Yahoo's global controller.
Mayer and Goldman will continue to serve as CEO and CFO of Yahoo, respectively, until the deal closes.
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In January, Yahoo announced that Mayer would step down from the company's board after the sale. The $4.48 billion deal is expected to close in the second quarter of this year.
Verizon and Yahoo reduced the value of the deal by $350 million after Yahoo disclosed data breaches that affected hundreds of millions of users. An investigation into the data breaches found that Yahoo executives didn't "properly comprehend or investigate" the attacks. As a result, Yahoo's general counsel, Ronald Bell, resigned, and Mayer did not receive her 2016 cash bonus, which was as much as $2 million. Mayer also voluntarily gave up her 2017 bonus and equity grants.
It's unclear if Mayer will stay on at Yahoo in any capacity after she steps down from the CEO role at Altaba — however, Mayer has said she plans to stay. A Yahoo representative declined to comment.
A previous version of the story said Mayer wouldn't be CEO of Yahoo. Mayer is stepping down from the portion of Yahoo that will become Altaba. Her role at the portion of Yahoo under Verizon is unclear.
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