Marissa Mayer, Yahoo! Inc.’s (NASDAQ:YHOO) CEO, will walk away from the company with a $186 million golden parachute.
Marissa Mayer won’t be staying with Yahoo! Inc. if it agrees to join with Verizon Communications Inc. (NYSE:VZ). Her safety net comes from her stock options and restricted stock, based on Monday’s closing price of $48.15. She will also be getting a additional payment of $3 million from the company.
Yahoo! Inc. is preparing to vote on the deal with Verizon Communications Inc. on June 8. A “Yes” vote will have it being acquired by the wireless company. YHOO is expected to go with the acquisition, which will have Mayer leaving the company.
During her time at Yahoo! Inc., Marissa Mayer has earned roughly $200 million. The CEO also had an option for equity compensation, but she didn’t take it. This was due to her management team’s handling of a 2014 data breach. The revelation of this data breach resulted in YHOO renegotiating its deal with Verizon Communications Inc. and lowering its price by $350 million, reports CNBC.
Many Yahoo! Inc. executives reportedly aren’t going to be a part Oath once the company completes its sale to Verizon. Recent rumors claim that CFO Ken Goldman, Senior Vice President of Product and Engineering Adam Cahan, Chief Revenue Officer Lisa Utzschneider and several others will be leaving once the deal is complete.
Oath is Verizon Communication Inc.’s plans for Yahoo! Inc. once the deal is complete. It will be a combination of YHOO and AOL. The new brand is expected to make its debut this summer.