Yahoo names CEO Marissa Mayer's replacement and his base salary doubles hers

Reuters

Reuters

Marissa Mayer won't lead her beleaguered Yahoo! as Altaba once telco giant Verizon completes its acquisition, it was announced Monday.

Mayer will receive a $23 million severance package upon her exit, just over half of the $44 million she could have received, according to an S.E.C. filing in September.

Back in 2012, employees at Yahoo were so hopeful that Marisa Mayer will be able to bring the company back to relevance that they famously made posters of her in the style of Obama's 2008 presidential campaign "Hope". But that shouldn't come as much of a surprise.

Goldman will be replaced by Alexi Wellman, a VP and global controller at Yahoo since 2015, while Mayer's seat will be filled by Thomas J. McInerney, the former CFO of InterActiveCorp. It's not yet clear if she will remain with the search and news business that Verizon is acquiring.

Altaba will be basically an equity holdings vehicle, the filing notes, which means that it will be registered as an investment company. As of last May, she was estimated to receive a $55 million severance package if she was sacked after the sale, according to Variety.

In January the company said that Mayer would not stay on the board of Altaba.

Yahoo subsequently disclosed a security breach in 2013 that affected more than 1 billion of its users - as well as a separate one revealed in September that compromised more than 500 million accounts. The deal is set to wrap up in the second quarter, Yahoo has said. And she chose to give up that same bonus and her annual equity grant, which is worth at least $12 million, for this year. In order to receive her severance, according to the filing, Mayer must either be "terminated without cause" or otherwise terminate her employment with the company "for good reason".

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