Marissa Mayer has 23 million reasons to be thankful that Verizon was so keen on Yahoo.
Yahoo's CEO is set to get $23 million as part of her "golden parachute" agreement with Yahoo, which kicks in once Verizon completes its acquisition of the company's core internet assets like Yahoo Mail and Yahoo Finance, according to a filing Monday with the Securities and Exchange Commission. Mayer's severance will consist of $3 million in cash and $20 million stock.
Mayer, as expected, will step down as the CEO of the company that's left over after the Verizon deal -- essentially a holding company for a stake in Chinese e-commerce giant Alibaba that will be renamed Altaba. Yahoo board member Thomas McInerney will take over as CEO of Altaba.
While Mayer is expected to join Verizon with Yahoo's core assets, the departure from CEO caps off a tumultuous era since she joined the company in 2012. As the CEO of Yahoo, Mayer acquired multiple businesses and attempted to reshape the company into a media powerhouse. She was also in charge when Yahoo suffered the two largest online hacks in history.
Ultimately, Mayer failed to recapture the kind of relevance Yahoo enjoyed during the dot-com boom, when it was one of the biggest names in tech.
Yahoo Chief Financial Officer Ken Goldman will also be stepping down. He is set to get $9.5 million in severance.
In January, the battered web pioneer also announced that Mayer would step down from the board after the company officially sells.