| Guided reading | According to Yahoo's SEC filing, Yahoo CEO Marissa Mayer will receive $23,011,325 in severance compensation. The sale of Yahoo's core assets to Verizon will turn it into a holding company whose main assets are its stakes in Alibaba and Yahoo Japan. |
Mayer will remain CEO until the deal closes, after which her role will be helmed by director Thomas McInerney, who will also step down from Yahoo's board. Mayer's severance package includes nearly $3.02 million in cash and approximately $20 million in restricted stock previously granted. The severance package excludes nearly 2.9 million stock options Mayer held as of March 8, valued at $56.8 million. Yahoo and Verizon are expected to close the deal in the second quarter of this year.
Yahoo! Inc. (YHOO) detailed Chief Executive Marissa Mayer's $23 million severance package following the company's sale of core assets to Verizon Communications Inc. (VZ) Part of Mayer's departure plan.
Yahoo also outlined leadership arrangements for the legacy business in a regulatory filing on Monday, with director Thomas McInerney to run the company. After the above-mentioned sale, Yahoo will actually become a holding company with a large stake in Alibaba Group Holding Ltd. (BABA) and Yahoo Japan. Mayer will remain CEO until the deal closes, at which point she will be replaced by McInerney and resign from Yahoo's board.
Mayer's exit package includes nearly $3.02 million in cash and about $20 million in earnings from restricted stock previously granted. The $23 million severance package excludes nearly 2.9 million stock options Mayer held as of March 8, valued at $56.8 million, the filing said. Those options have all vested in Mayer, a spokesman said.
Verizon said last month that it would move forward with a deal to buy Yahoo, but the two companies agreed to cut the price of the deal by $350 million from $4.83 billion. Verizon had earlier hinted at cutting the deal price by as much as $925 million when it discussed the fallout from the Yahoo data breach, Yahoo said in a Monday filing. The companies expect the deal to close in the second quarter of this year.
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