Yahoo on Monday said Marissa Mayer will no longer serve as CEO, upon closing of the sale with Verizon, and Thomas McInerney will take over the newly spun off Altaba Inc, which includes holdings in Alibaba and Yahoo Japan.
In a regulatory filing, Yahoo said Mayer will receive a $23 million severance package, made up of $3 million in cash, and equity worth roughly $20 million at current market value. Mayer and Yahoo CFO Kenneth Goldman will continue in their leadership roles until the sale closes.
The $4.48 billion deal is expected to close by the end of June. McInerney has served on Yahoo’s board since 2012 and recently served as CFO at IAC.
It’s not clear what Mayer’s future looks like at Verizon, who is acquiring only the core assetsfrom Yahoo. Verizon already asked for a $925 million discount following high-profile hacking scandals at Yahoo, but it settled for $350 million off the sale price.
Mayer will recieve the severance package if she isn’t hired by Yahoo after the sale.