Yahoo chief executive Marissa Mayer will step down from the role with a potential $23m severance package once its takeover from US telco verizon Wireless is completed later this year.
Documents filed with Securities and Exchange Commission today (March 13) reveal that Mayer will step down as CEO of Yahoo, or what remains of the company post the deal in its Altaba guise, and could pocket a $3m cash payment as well as $20m in stock pending certain triggers in the dealings. These are a change in control of the company, plus a "termination without cause" clause; Verizon will pay the severance if this double-trigger should occur.
Although it is expected that she will remain with the resulting entity in some capacity after stepping down from the CEO's chair.
An early-stage Google employee, Mayer took over as CEO of Yahoo in July 2012 and oversaw attempts to engineer a turnaround in the company’s fortunes that would see it recapture the kind of mass market usage akin to its popularity of the dot-com era.
Under her direction the company struggled to gain the traction it once had with users and in 2016 a sale with Verizon Wireless was agreed for $4.4bn, but this was later discounted by $350m after the full extent of the data hack suffered by Yahoo was later revealed.
In addition, the documents also reveal that Yahoo’s chief revenue officer Ken Goldman will also exit his position post the closure of the Verizon takeover.