Marissa Mayer is getting ready to step down as CEO of Yahoo.
Mayer, who will officially leave Yahoo once the sale of its Internet division to Verizon for $4.48 billion is complete, will not leave empty-handed, however.
The 41-year-old will exit the company with a $23-million payout, according to today’s filing with the Securities and Exchange Commission. Mayer will receive $3 million in cash and $20 million stock.
Yahoo Chief Financial Officer Ken Goldman, who will also step down once the deal is complete, will receive $9.5 million in severance.
The exit of Mayer will see board member Thomas McInerney take over as CEO of the company. The company name will be changed to Altaba Inc. once the sale is complete. The name, seemingly, was inspired by Yahoo’s 15 percent stake in Chinese e-retailer Alibaba.
Yahoo and Verizon struck a $4.83-billion all-cash deal back in July but the transaction was reduced last month by $350 million to make up for the two major data breaches suffered by Yahoo.
When Yahoo admitted in September to a 2014 data breach impacting 500 million user accounts, its deal with Verizon appeared to be shaky. Then, in December, when Yahoo admitted to a hack in 2013, this time affecting one billion accounts, the deal appeared to be in genuine peril.
Now that the deal is back on track, it is expected to close in the second quarter of 2017.