Thomas McInerney, a Yahoo board member and the former CFO of IAC/InterActive Corp., will lead the company to be renamed Altaba. There is now no word on how long she plans to stick with Yahoo and manage the transition but her old executive role is being handed over to board member Thomas McInerney.
The company also said earlier this month that Mayer would lose her usual bonus payment this year after an internal investigation revealed that executives had mishandled the hacks.
Moreover, a lawsuit was filed late past year in the United States alleging that Mayer actively “purged the company of male employees”.
The $4.48bn transaction is expected to be completed by the end of June this year.
Marissa Mayer’s pay-off after selling the bulk of Yahoo to telecoms giant Verizon has been cut from $55m to $23m after purchaser Verizon re-negotiated the deal at the eleventh hour. Mayer also oped to give up her annual equity grant for 2017, which would be worth at least $12 million based on her contract.
Despite her best efforts, the company did not turn a corner and Yahoo stock continued to slide, igniting activist investors’ fury. Her severance package is a mix of cash, stock, and other benefits.
Verizon’s suggested price reduction was in response to two breaches of 1.5 billion customer accounts – one in 2013 and another in 2014 – that Yahoo admitted to the public past year. Mayer will receive a severance pay package of $23 million.
Yahoo did not immediately respond to a request for comment on the change.
After all, the company that McInerney will run will not be an operating business like the one Yahoo is today, but rather an investment company not all that different from a mutual fund.