Marissa Mayer to get $23 million parting gift from Yahoo

Handsome package as a parting gift

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Earlier this March, it was announced that because of the data breaches Yahoo suffered under its CEO Marissa Mayer's, she had to forgo her cash bonus for 2016 and other potential stock-based bonus for 2017.

Marissa Mayer to get $23 million parting gift from Yahoo

But in a regulatory filing posted this week, the company said that Mayer will receive a package of cash, stock, and benefits valued at a total of $23,011,325 out of which $3 million will be in cash.

Also Read: Yahoo introduces "Similarity Search" feature to discover photos more easily on Flickr

Yahoo was sold to Verizon for $4.8bn last year, ending a 20-year run as an independent company. The company had already announced that Mayer would step down as a board director once the acquisition is completed and now it said that she will not be the CEO of pieces of Yahoo that are not being sold to the telecom giant. However, she will still receive a severance package as a parting gift.

Along with Mayer, others including Lisa Utzschneider, Yahoo's chief revenue officer, will receive a sum of $16,536,363 whereas Ken Goldman, Yahoo's chief financial officer, will get $9,478,568 as a severance package.

Yahoo co-founder David Filo will also get $15,000 in cash and two years worth of continued health insurance. On the other hand, Ronald Bell, Yahoo's general counsel, who resigned on March 1 will not receive any severance package.

Following Mayer, Yahoo's leftover Altaba will be led by Thomas McInerney, former CFO of IAC. He is said to earn twice that of the current CEO with $2 million in annual base salary.

Read More About yahoo | ceo | news | marissa mayer | internet

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