As part of Yahoo’s sale to Verizon Communications, Marissa Mayer will step down as CEO, and will be compensated $23 million. The company will also be spun off, under a different name, and a new CEO.
Marissa Mayer will step down as CEO of Yahoo as part of Verizon’s acquisition of the company, in a regulatory filing made public today.
Mayer has been the CEO of the popular internet portal company since 2012, in an attempt to turn the company around from decline. However, the company continued to falter, which led to its sale to Verizon Communications, announced in July 2016.
In line with the transition, Mayer will receive a severance package of $23 million, according to the filing.
As soon as the deal officially closes, Yahoo will be spun out as a new company called Altaba, which will be led by Thomas J.
