Marissa Mayer leaves Yahoo with almost $260 million

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Marissa Mayer leaves Yahoo with almost $260 million

The two major data breaches at Yahoo! caused the offer to lessen by $350 million. She will walk away from Yahoo with a compensation package now worth about $125 million, including her severance pay and stock awards that will be fully vested with the deal's completion.

"Given the inherent changes to my role, I'll be leaving the company.".

Mayer, who told staff as recently as last July that following the sale "I'm planning to stay".

Verizon will combined its AOL assets into a new subsidiary called Oath and it will be led by AOL's CEO Tim Armstrong.

The CEO's "readjustment" may refer to the fact that Verizon plans to cut about 2,000 jobs - 15% - of the 14,000 employees at the new combined company Oath. "Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners", Armstrong said.

However, it appears Yahoo Mail wasn't improved quite enough, as while speaking at the Accelerate-Her Forum in London, Mayer said she was looking forward to getting back on the Gmail train. She added that the range of assets across Verizon and Oath, from VR, AI and 5G to IoT and content partnerships will "create exciting new ways to captivate audiences across the globe".

According to the statement on Verizon's website, Armstrong is spearheading attempts to continue building the "industry's most advanced and open advertising technology solutions" with in-house brands such as ONE by AOL and BrightRoll. "We have been dominating the customer brands in news, finance, sports, tech, lifestyle and entertainment, along with our market leading platforms for advertising technology", he said.

Yahoo stock was trading at about $52.50 midday on Tuesday.

The deal ends Yahoo as an operating company and leaves it with its stake in Chinese e-commerce company Alibaba and Yahoo Japan, its cash, convertible notes, certain minority investments, and a noncore portfolio of patents called Excalibur.

Thomas McInerney, a Yahoo board member, will become Altaba's chief executive officer.

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