Verizon announced today that it had wrapped up its $4.5 billion deal to buy Yahoo's web assets and is saying goodbye to Yahoo CEO Marissa Mayer, but don't shed too many tears for her quite yet.
According to a story by CNN, Mayer, who exited
Google to take the helm at Yahoo, leaves with a parting gift of $236 million based on the mid-day stock price of Yahoo's shares. Mayer held about 4.5 million shares of Yahoo, according to CNN, including options and restricted stock units.
But wait, there's more!
Mayer also scored $23 million in severance payments now that the Yahoo Inc. (Nasdaq: YHOO) Internet assets have been merged with Verizon's AOL unit to create a new subsidiary called "Oath." (Pledge was already taken.)
Oath is comprised of more than 50 media and technology assets including HuffPost, Yahoo Sports, AOL.com and Tumblr, the latter of which Yahoo bought for $1 billion during Mayer's reign.
Former AOL CEO Tim Armstrong now holds the same title at Oath, which is part of Verizon's Media and Telematics organization. Upon completion of the deal, Mayer resigned from Yahoo.
Yahoo was struggling prior to Mayer being named CEO, and the news of data breaches led to a reduction in the price after
Verizon and Yahoo re-worked the deal. (See Verizon Shaves $350M Off of Yahoo Deal.)
Verizon first announced its intention to buy Yahoo's web assets in July. (See Seen & Heard: Verizon Gets Cold Feet on Yahoo Deal and Verizon Betting Big on Yahoo's Assets.)
— Mike Robuck, Editor, Telco Transformation