Yahoo CEO Marissa Mayer will resign from the board of the rump of Yahoo when Verizon finally completes its acquisition of the company’s web portal, search engine, email service and news services.
Verizon will merge the Yahoo-branded web properties with AOL, which includes advertising sales platforms and websites such as The Huffington Post , TechCrunch and Engadget .
Mayer, one of the highest paid CEOs in the S&P 500 index of the biggest companies in the US, will walk away with an estimated $55m as a pay-off.
The non-Yahoo remains of the company, which Verizon isn’t taking over, will be renamed “Altaba”. Mayer – and five others – will resign from the board at the same time.
The company will continue to operate as an investment company under the US Investment Company Act of 1940 after Verizon has finally signed on the dotted line.
