Verizon has finally closed its $4.48-billion all-cash purchase of Yahoo’s Internet division signalling the end of the road for CEO Marissa Mayer.
Mayer, in a lengthy blog post on Tuesday, announced she would be leaving the company — an announcement that comes as no surprise. Mayer, who took the reins at Yahoo five years ago, will leave Yahoo with nearly $260 million. That amount is a combination of a $23-million severance payment and roughly $236 million is stocks.
“While reaching this moment has certainly been a long road traveled, it marks the end of an era for Yahoo, as well as the beginning of a new chapter – it’s an emotional time for all of us,” Mayer wrote.
Growing stockholder discontent on the length of time it was taking Mayer to execute a turnaround plan for the company led to Mayer and the board exploring sale options. It was finally decided in late 2015 that the company would spin-off its core Web business. That move enabled the company to sell off its Internet assets for big bucks.
The sale ended up being $350 million less than the $4.83-billion Yahoo was originally seeking, however. Yahoo was forced to drop its asking price after news of two major data breaches that affected more than 1.5 billion Yahoo accounts put its deal with Verizon in jeopardy last year. With the deal now complete, Verizon plans to rebrand AOL and Yahoo’s Internet division. Both will fall under a newly formed parent company known as Oath.
Now that all the drama is water under the bridge, Mayer said she is looking back on her time at Yahoo “with nostalgia, gratitude, and optimism.”
“We have confronted seemingly insurmountable business challenges, along with many surprise twists and turns,” she wrote. “I’ve seen our teams navigate these hurdles and mountains in ways that have not only made Yahoo a better company, but also made all of us far stronger. During these past five years, we’ve built products that delight our users, focused on our clients’ businesses, driven substantial value for our shareholders, and endeavored to make Yahoo the absolute best place to work. I want to take a moment to remind you of some of our many achievements together. They are remarkable, and we should all be very proud.”
Mayer’s post, which can be read here, did not give any hints about what her future might hold.