Marissa Mayer to step down as Yahoo CEO after Verizon deal closes


A new regulatory filing indicates that Marissa Mayer will step down as Yahoo CEO after the Verizon deal closes.

Mayer will receive a $23 million USD severance package and Yahoo’s CFO Ken Goldman is set to step down as well. Goldman and Mayer will remain in their roles until the Verizon’s acquisition of Yahoo closes.

Mayer will be replaced by Thomas J. McInerne, the former CFO of IAC, and Goldman will be replaced by Alexi Wellman. It was previously reported that Mayer would step away from the board after the acquisition was complete, though it was not known at the time whether she would remain at Yahoo. 

The initial announcement of Verizon’s $4.83 billion Yahoo acquisition was made last year, and since then the takeover has faced a number of obstacles, including massive data breaches. After negotiating a $350 million off its original purchase valuation, Verizon pledged to follow through with the deal.

Source: United States Securities and Exchange Commission