Yahoo CEO Marissa Mayer could get $23 mn golden parachute: Report

As the deal between Verizon Communications and Yahoo Inc nears a close. Yahoo seems have taken a hit with its asking price thanks to two major leaks that were revealed since the Verizon first announced its purchase price of $4.83 billion last year in July.

As per Reuters, that purchase price had come down by late February as Verizon lowered its initial offering by $350 million. The purchase price now stands at $4.48 billion. But CEO Marissa Mayer still gets plenty out of this deal.

The Wall Street Journal reports  (subscription needed), that if things go as planned, Mayer could get a golden parachute of $23 million as part of her departure from what’s left of the company.

A securities filings on 13 March revealed that Mayer will continue as Yahoo’s CEO until the deal has closed and will then be replaced by Thomas McInerney.

Marissa Mayer so far is then expected to move to Verizon and will be a part of its core operations, handling its digital advertising technology and portfolio of website.

The break up of Marissa Mayer’s payout consists of $3.02 million in cash and $20 million in restricted stock units. There’s another 2.9 million stock options that are valued at $56.8 million as per the filing, that Mayer could also take away.

Once the deal has been finalised Mayer will step down and McInerney will take over as the new head of spin-off Altaba. According to an offer letter which was made public, McInerney will take home a $2 million base pay.

Fortune claims that Yahoo will pay McInerney $4 million in his first year working at Altaba. This would be a good $3 million more than what Yahoo was paying Mayer for her salary and cash bonus this year. McInerney will have a lot more on his agenda as he will need to turn around Yahoo’s media business, one that Mayer failed to accomplish.