Marissa Mayer to receive $23mn severance package after Verizon-Yahoo deal closes

Yahoo's chief Marissa Mayer has $23 million reason to be happy for the Verizon-Yahoo deal.

Marissa Mayer, the current CEO and President of Yahoo, will receive a $23 million severance package after Yahoo sells its core assets to Verizon Communications Inc., according to securities filings with the SEC Yahoo.

That payout will be a mixture of cash, equity, and benefits - $3 million in cash and $20 million stock. “The values in this column represent the cash payments to which the executive officer would be entitled under either the change-in-control plan or under the severance agreement, whichever is greater,” reads the document.

Yahoo also revealed that Mayer will step down from the CEO position of Altaba, the renamed company that will remain, once the deal is closed. Yahoo board member Thomas McInerney will take over as CEO of Altaba, which will hold significant stakes in Chinese retailer Alibaba and Yahoo Japan.

Mayer is expected to join Verizon with Yahoo's core assets. In last July, Mayer said, “For me personally, I’m planning to stay. I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter.”

Mayer joined the company in 2012 as the CEO of Yahoo, where she attempted to reshape the company into a media powerhouse. She was also in charge when Yahoo suffered the two largest online hacks in history. In March, Mayer revealed that her annual bonus and equity stock grant would be distributed to Yahoo employees as a gesture of gratitude for their hard work throughout Yahoo’s two security breaches.

Yahoo Chief Financial Officer Ken Goldman will also step down, who is set to get $9.5 million in severance.