Marissa Mayer to Get $23 Million "Golden Parachute" After Verizon Deal Closes

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According to a company filing, Mayer is set to receive a $23 million severance package after she steps down as CEO. It is not now known if Mayer will stay on Yahoo after she signs off from the position. But that shouldn't come as much of a surprise.

Both Mayer and CFO Ken Goldman will continue to serve in their roles until the acquisition is concluded.

Eric Brandt, who joined Yahoo's board last March and is a former CFO of Broadcom Corp., was recently named chairman of Altaba. Once the deal goes through, Yahoo's remaining businesses will be renamed Altaba. It's not yet clear if she will remain with the search and news business that Verizon is acquiring.

"For me personally, I'm planning to stay".

After about four years of declining revenue, layoffs, a weird Hail Mary acquisition, and mounting pressure-but also a rising share price due to Alibaba-Mayer conceded that she couldn't save Yahoo, and sold it instead to Verizon. And she chose to give up that same bonus and her annual equity grant, which is worth at least $12 million, for this year.

The two parties ultimately reached an agreement to offer Verizon a $350 million concession.

It's a sad end for Yahoo and Mayer, who has always been one of a few female CEOs of large tech companies. That's expected to happen by the end of June. The golden parachute would've netted her $53 million if she had been fired, but both parties ultimately chose to allow her to step down and receive the compensation if she doesn't work for Verizon Communications Inc (NYSE:VZ).