Word that Yahoo CEO Marissa Mayer could pocket up to $186 million from the company's sale to Verizon Communications cements the charmed nature of her five-year tenure at the company's helm.
Just $25 million - if one can put "just" in front of a number of that size - is part of the "golden parachute" terms that would accelerate Mayer's restricted stock units in the event of a sale and her departure from the company. The company then confirmed that Mayer will receive the "golden parachute" payment for losing her job.
Yahoo CEO Marissa MayerJustin Sullivan/Getty ImagesWhen Verizon's $4.48 billion acquisition of Yahoo closes this June, Marissa Mayer will be stepping down as CEO.
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Verizon agreed to pay Yahoo $4.8bn for the business, but the pair later revised down the price by $350m in the wake of revelations Yahoo had suffered two historic data breaches in 2013 and 2014. The breach also caused Verizon to shave $350 million off the previous sale price of $4.8 billion.
Marissa Mayer is projected to walk out the door with $186 million.
The documents further mention that her total compensation would surely come out to be around $200 million, which also includes her compensation, bonus and stock options over the past five years.
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Microsoft offered $44.6 billion to Yahoo, which was ten times more than the offer of Verizon, but Yahoo declined. Mayer recently said she would turn down an equity bonus for 2017 and a cash bonus for 2016, citing the massive hacks.
Yahoo Chief Executive Marissa Mayer may not have been able to save the company she joined almost five years ago - but she certainly saved her bank account.
Criticism of Mayer - who had previously risen from software engineer to product manager to vice president at Google - has been at times more harsh than she deserves, said analyst Joel Espelien of The Diffusion Group. Although Yahoo's core businesses of email, news and search continued to tread water under Ms Mayer's leadership, long-held investments in Alibaba, China's leading e-commerce company, and Yahoo Japan, an affiliated company controlled by SoftBank, increased in value, driving up Yahoo's stock price. This venture will be spearheaded by Thomas McInerney, a Yahoo director who carried out the Verizon deal.
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