Marissa Mayer’s days as chief of Yahoo as we know it are numbered.
The beleaguered tech company provided a leadership update in a 8-K filing with the U.S. Securities and Exchange Commission on Monday.
Mayer will be replaced by Thomas McInerney, previously chief financial officer at media and Internet company IAC, once the Verizon (VZ) deal goes through. McInerney will be CEO of Altaba, the new name for the company holding Yahoo’s investments (primarily stakes in Alibaba and Yahoo Japan) once Verizon takes over Yahoo’s core Internet business.
It was previously announced in January that Mayer would step down from Yahoo’s board, but it was not known until now as to how long she would remain at the helm of Yahoo—if at all.
However, it’s not all bad news for Mayer. She could still receive a severance package worth approximately $23 million based on a number of factors, such as if she is fired or leaves for what is determined to be a good reason.
Yahoo CFO Ken Goldman will also be stepping down from his role after the Verizon merger is finalized. Goldman will be replaced by Yahoo global controller Alexi Wellman.
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Verizon made a $4.83 billion bid for Yahoo’s core Internet business last year. But after it was disclosed that Yahoo sustained two severe cybersecurity breaches in the last few years, the future of that deal was thrown into question.
Verizon confirmed in February it was still going forward with the deal, but the two entities cut the value of the merger by $350 million. Both Yahoo and Verizon will share the legal costs from consumer class action cases stemming from the hacks. But Yahoo is on the hook for the cost of liabilities related to investor lawsuits and an ongoing SEC case.
Yahoo general counsel Ronald Bell resigned on March 1 after an independent review of two major data breaches, prompting some critics to suggest he was taking the fall for the company.
The SEC filing on Monday revealed Yahoo has since appointed a new top lawyer: Arthur Chong, who has already served as an outside legal advisor to Yahoo since October. He has also served as general counsel at Broadcom and chief legal officer at Safeco.