Marissa Mayer to make $184m from Yahoo's sale to Verizon
- Author: Zachary Reyes Apr 25, 2017,
Apr 25, 2017, 18:59
Yahoo shareholders will vote on the deal during a special meeting on June 8, according to a securities filing published Monday.
A yes vote, which is widely expected, would end Marissa Mayer's largely unsuccessful five-year effort to restore the internet pioneer to greatness.
The deal with Verizon was first announced past year when the struggling company, agreed to sell its main internet business to Verizon, the huge United States telecoms company, for $4.8bn.
Once Mayer pays to exercise her options, she'll be left with $186 million, based on Yahoo (YHOO, Tech30) stock's closing price of $48.15 a share on Monday. By and large, her time at Yahoo will have gotten her well over $200 million, as per counts in light of organisation filings.
Mayer did give up additional equity compensation that she would have received in 2017 as a penalty for her management team's failure to act on a 2014 breach of the company's systems that led to the theft of data on 500 million users. The company valued Excalibur, its portfolio of patents that are up for sale, at $740 million.
The whopper of a payday does not include her salary, bonuses and stock awarded over the past five years, or the stock she's already sold. Yahoo also said then that Ms. Mayer held almost 2.9 million stock options valued at $56.8 million as of early March.
Mayer, a former top Google exec who took over as Yahoo's chief in 2012, is reaping an enormous windfall from her tenure at the company despite failing to reverse the decline of Yahoo, one of the first big internet brands.
The security incidents forced Yahoo back to the negotiating table, and the two companies said in February they had agreed to knock off $350 million off the price.
The eye-popping sum was revealed less than two months after Yahoo's board decided not to award Mayer any 2016 bonus in the wake of Yahoo's epic data breach, in which the board said "certain senior executives did not properly comprehend or investigate" the hacks.
Last month, USA officials indicted four Russians, including two Russian spies, in the 2014 hack.