By Earnest Jones   |  03-14-2017   News
Photo credit: Fortune Live Media | Flickr

Marissa Mayer will be paid a ransom of $23 million after Verizon acquires Yahoo and she gets to exit as the CEO of the internet company.

The compensation package was released in a regulatory filing on Monday. The compensation package will see Mayer receive over $3 million in cash and $20 million in stock.

Mayer will get the above money if she quits from her current position as the chief executive officer of the internet company.

Verizon is buying Yahoo for $4.48 billion. The deal will be finished in June.

Thomas Mclnerney who is a Yahoo board member. He is a former chief financial officer of IAC/InterActiveCorp. He is expected to take over as the CEO of the company.

The company will be called Altaba. This will be after Verizon completes the deal for Yahoo’s internet assets.

Mayer had made a statement earlier this month. She said that she would decline an equity bonus for 2017 and a cash bonus for the prior year.

This was after Yahoo had been hacked two times. The two major hacks resulted in the exposure of personal information belonging to more than 1 billion Yahoo users.

Verizon agreed to pay $4.83 million to obtain Yahoo’s important assets.

However, after the security breaches that took place in 2013 and 2014, Verizon reduced its offer by $350 million.

Many people believe that Mayer’s term at Yahoo will end as a big disappointment.

She was working in Google back in 2012. During her term in Google, she was considered to have led to Google’s success.

As a result, many thought that her expertise in technology and content would boost Yahoo. Yahoo made its name back in the 1990’s.

However, Mayer failed terribly. She was unable to revive the brand. Mayer was also criticized of misusing the company resources.

Yahoo bought the blogging site Tumblr back in 2013 for $1.1 billion. Many critics say that she failed like the previous YAHOO CEOs.

Yahoo’s share price has tripled during her tenure at the company. However, she disappoint the shareholders who had a very high expectations from her.

Source: http://www.cbsnews.com/news/marissa-mayers-yahoo-exit-will-yield-23m-golden-parachute/

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