Yahoo discloses $187-million exit pay package for Marissa Mayer and $97-million Snapchat holding
Yahoo Chief Executive Marissa Mayer would leave the online media company with more than $187 million if she exercises all her stock options, according to a securities filing this week.
It’s the latest estimate of the payout Mayer would receive if Verizon’s $4.5-billion purchase of Yahoo closes this summer as expected. She is not expected to stay with a new division Verizon is creating called Oath. The purchase has already been hung up, and the price reduced, because of ongoing turmoil at Yahoo, including revelations last year of two data breaches.
Mayer, who oversaw the once-revered search engine’s decline during the last five years, has received more than $200 million in compensation during her tenure. Her final paycheck could fluctuate based on Yahoo’s share price and doesn’t include fees she would have to pay to exercise options.
Yahoo also disclosed details of its investment in Snapchat app maker Snap Inc. Yahoo holds about $97-million worth of Snap shares, which equates to ownership of less than half a percentage point.
Yahoo’s holding in the Los Angeles company will be passed to Altaba, a holding company tasked with deciding what to do with the stake and many more in Alibaba and several start-ups. Yahoo board member Thomas J. McInerney would become Altaba’s CEO, the company has said.
Mayer hasn’t said what her next move would be.