Published: Tue, March 14, 2017
Money | By Oscar Reynolds

Marissa Mayer to step down as CEO of Yahoo after Verizon acquisition

Marissa Mayer to step down as CEO of Yahoo after Verizon acquisition

It is not now known if Mayer will stay on Yahoo after she signs off from the position.

In January, Yahoo announced that Mayer would step down from the company's board after the sale. When Yahoo announced the deal with Verizon last July, Mayer said she planned to stay with the company.

Yahoo CEO Marissa Mayer and CFO Ken Goldman will not be part of Altaba but will continue to serve in their current positions until the $4.48 billion Verizon deal closes, according to a regulatory filing. McInerney later told McAdam at a meeting in Verizon's NY offices that Yahoo's board was unwilling to agree to such a big discount.

Altaba will become an investment company running Yahoo's investments in Alibaba Group and Yahoo Japan, along with convertible notes, and non-core patents.

"My goals are simple: to execute faster, hire top talent, and make Yahoo the absolute best place to work", Mayer said during her first earnings call as CEO.

"Today's filing represents an important step forward in the process of completing our transaction with Verizon", Yahoo says.

The two parties ultimately reached an agreement to offer Verizon a $350 million concession.

The sale of the Yahoo operating business to Verizon is expected to close in the second quarter. He'll be receiving $9.5 million.

Ms Mayer said she would forgo a bonus for 2016 of $2m and at least $12m in equity awards because executives had failed to take appropriate action under her tenure. She has reportedly earned more than $150 million since joining Yahoo.

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