Verizon first announced its intention to acquire Yahoo for $4.83 billion last year but later agreed to buy it at a $350 million discount after the deal’s future seemed uncertain following revelations about cyberattacks that Yahoo had to put up with. Yahoo’s core business will be bought by Verizon and only the investment company will be left behind which will be called Altaba. It has now been confirmed that Yahoo CEO Marissa Mayer won’t be heading Altaba once the acquisition is closed.
Yahoo announced in January this year that Mayer would be stepping down from the company’s board once the acquisition is completed. Verizon is expected to close the deal in the second quarter of this year.
Yahoo confirmed in a regulatory filing today that Marissa Mayer won’t be the CEO of whatever’s left of Yahoo after its sale to Verizon. The filing also confirms that she’s going to receive a severance package that’s going to be worth around $23 million.
What the filing doesn’t confirm is her role at what remains of Yahoo’s search and news businesses once the acquisition has been closed by Verizon. Would Verizon keep her own to manage those parts of the business? The company hasn’t confirmed that as yet so it’s unclear where Mayer will be headed once this deal closes.