Verizon completes Yahoo acquisition; Mayer leaves with US$23 million

Verizon has completed its US$4.48 billion acquisition of Yahoo's core internet business and has confirmed that Yahoo CEO, Marissa Mayer, will be stepping down. 

"Given the inherent changes to my role, I’ll be leaving the company," Mayer wrote in an email to employees on Tuesday that she also posted on Tumblr. "However, I want all of you to know that I’m brimming with nostalgia, gratitude, and optimism."

Mayer, who has been Yahoo CEO since July 2012, is expected to receive a "golden parachute" payment from Verizon that is estimated to be worth more than US$23 million.

The deal was first announced in July last year, and includes all of Yahoo's internet properties, including its search engine, blogs, and homepage. Yahoo's valuable stake in e-commerce company Alibaba, as well as its Yahoo Japan website, have been turned into a new company called Altaba. In March, Yahoo said board member Thomas McInerney will serve as Altaba CEO. 

After the deal was announced, Yahoo disclosed that it had discovered two data breaches in 2013 and 2014 affecting more than 1 billion user accounts. As a result, both agreed that the final acquisition price would be $350 million less than the original offer of about $4.8 billion.

Source: Reuters

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