Yahoo names CEO Marissa Mayer's replacement and his base salary doubles hers


Yahoo recently said it won't be paying Mayer's annual bonus or giving her a potentially lucrative stock award because an investigation concluded her management team reacted too slowly to one breach discovered in 2014.

Early this month the board's Independent Committee investigating the hack, which took place while Mayer was CEO, decided that she should not receive her cash bonus for past year.

The company has now said that Marissa Mayer will not be the CEO of pieces of Yahoo that aren't being sold to Verizon.

That package includes roughly $20 million in equity, $3 million in cash and $25,000 in benefits.

Mayer, the company's current CEO and president, will stay at Yahoo until the $4.48-billion Verizon deal closes.

Along with the new owner, Yahoo will get a new name: Altaba. As of last May, she was estimated to receive a $55 million severance package if she was sacked after the sale, according to Variety.

"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. The parties negotiated a $350 million reduction in the sale price after the deal was threatened by two huge hacks of Yahoo's user data.

On Feb. 9, McAdam and Thomas McInerney, a Yahoo board member, met in Verizon's offices in New York City. Mayer also voluntarily gave up her 2017 bonus and equity grants. It also detailed the management roles for Altaba after the deal close.

It's a sad end for Yahoo and Mayer, who has always been one of a few female CEOs of large tech companies.