Yahoo CEO Marissa Mayer will be replaced when the firm is sold to Verizon, and what remains becomes an investment company called Altaba.
Board member Thomas McInerney, 52, a former executive with internet firm InterActiveCorp and Ticketmaster, will take her place, Yahoo said in a Securities and Exchange Commission filing Monday.
Mayer will receive a golden parachute of $23,011,325, according to a proxy statement Yahoo filed on Monday. It was not immediately clear why that figure was lower than the $55 million Yahoo specified in an earlier proxy statement.
On March 1, Yahoo announced that because of the data breaches, its board had stripped Mayer of her $2 million annual bonus for 2016; and she had forfeited her 2017 annual equity grant of at least $12 million in restricted stock and stock options.
McInerney is to receive $2 million in annual base salary, double Mayer’s base pay. He’ll also be eligible for a performance-based annual incentive award of another $2 million, plus “long-term deferred compensation” in the form of a grant of up to $24 million after the sale closes, the Monday SEC filing said.
Yahoo and Verizon have said that the sale — which had been threatened by revelations of two record-setting hacks of Yahoo users’ personal data — will close between April and June. Yahoo was forced to cut the price by $350 million in the wake of the security breach announcements.
After the sale, Yahoo will become Altaba, managing assets in Chinese e-commerce giant Alibaba and Yahoo Japan, along with some non-core patents not included in the Verizon sale.
Whether Mayer will have any future role in Verizon or Altaba is unclear. According to a SEC filing, she will not sit on the Altaba board.
Other executives named Monday for Altaba’s leadership were Arthur Chong, 63, as chief counsel and secretary, with a $1 million base salary; Alexi Wellman, 46, as chief financial and accounting officer, with a $500,000 base salary; and DeAnn Work, 47, as chief compliance officer, with a $400,000 base salary.