Mayer Scores Golden Parachute As Yahoo Names New Verizon Deal
Style Magazine Newswire | 3/13/2017, 9 a.m.
Yahoo
Yahoo named its post-Verizon deal executive team, with board member Thomas McInerney serving as CEO and Alexi Wellman filling the chief financial officer position.
CEO Marissa Mayer will remain up until the deal's closing. Mayer will receive a more than $23 million "golden parachute" payment as part of her exit, including more than $3 million in cash and nearly $20 million in equity, according to SEC filings.
When Yahoo is handed over to Verizon for $4.48 billion, the remaining company will be renamed "Altaba." The holdings will include interest in Chinese e-commerce company Alibaba, its cash, convertible notes, certain minority investments, and a noncore portfolio of patents called Excalibur.
The deal is expected to close in the second quarter of this year.
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