The Zamboni ride has finally come to an end: Yahoo CEO Marissa Mayer is set to step down from her role following the closing of the sad Verizon deal. Don’t cry too much for her, however — she’s also in line for a golden parachute worth a sweet, sweet $US23 million ($30 million).
According to regulatory documents filed on Monday, Mayer is set to receive $US3 million in cash ($3.9 million), $US24,000 ($31,819) in benefits, and $US19,971,367 ($26,478,036) in equity. While golden parachutes are common at large companies, it’s a tad infuriating in this case, given Mayer’s penchant for overspending and sub-par performance during her five-year tenure as CEO.
Peculiarly, the previously reported value for Mayer’s golden parachute was much higher — more than double, in fact, at roughly $US53 million ($70 million). That scenario, however, would have resulted from Mayer getting fired; in the latest filing, it appears as though it’s a “stepping down” scenario. (We reached out to Yahoo for clarification on the change, but had not heard back at time of writing.)
Earlier this month, Mayer announced she would give up this year’s bonus and equity grant due to Yahoo’s embarrassing security screw-ups. (The data breach disclosures also led Verizon to slash $US350 million [$461 million] from the deal’s $US4.8 billion [$6.3 billion] price tag.)
The departure itself shouldn’t come as much of a surprise; in January, Yahoo announced that, following the close of the sale, Mayer would step down from Yahoo’s board, and the company itself would be renamed Altaba. But the news does mark the end of an era for Yahoo. As CEO, Mayer was expected to right the ship of an ageing internet giant that failed to adapt to a world run by social media, data and advertising. Upon taking the reins, Mayer aggressively spent Yahoo’s dwindling revenue on various startups, including a now-notorious $US1.1 billion ($1.4 billion) purchase of Tumblr, and at least $US6 million ($7.9 million) a year on TV interviewer Katie Couric.
Following Mayer’s departure, the reins will be handed over to Thomas McInerney, currently a member of Yahoo’s board and the former CFO of internet company IAC. The company will also change its name to “Altaba“, essentially serving as a vehicle for holding Alibaba stock. It appears that the Yahoo ship has finally been sunk.