ADVERTISEMENT
About Our People Legal Stuff
FILE - In this Jan. 7, 2014, file photo, Yahoo president and CEO Marissa Mayer speaks during the International Consumer Electronics Show in Las Vegas. Yahoo?s stock is up Thursday, March 24, 2016, before the opening bell on a report that an activist shareholder will launch a campaign to replace its board. (AP Photo/Julie Jacobson, File)

Yahoo will replace Marissa Mayer with a male CEO who will make twice as much

0

Yahoo is selling its core businesses to Verizon. But the man who will take the new helm will make double what Marissa Mayer makes now.

Mayer, CEO since 2012, makes a base salary of $1 million. Her replacement, Thomas McInerney, will make $2 million a year, Fortune reports.

All that will remain of Yahoo (soon to be renamed Altaba) is its stock in Alibaba and Yahoo Japan, plus smaller investments. The Yahoo advertising business and tech most consumers recognize will be property of Verizon.

So, effectively, McInerney will make more money to run a smaller company that's effectively an investment fund. Yahoo said it has no plans to buy or sell any stocks it already owns.

McInerney will lead Yahoo "out of a long and significant tail of Yahoo operating company liabilities," anonymous sources told Fortune. That includes Yahoo's lawsuits from Yahoo's data breaches and other talks with regulators.

When Mayer was hired, Yahoo was floundering. 

Yahoo Mayer 2.jpg
Yahoo Inc. CEO Marissa Mayer arrives at the White House to attend a meeting of business leaders with President Barack Obama and Vice President Biden at the White House in Washington, Wednesday, Nov. 28, 2012. (AP Photo/Jacquelyn Martin)

In fairness, Mayer should land on her feet. She'll get a $23 million severance package, $69 million of stock options, and she can sell the $97 million in Yahoo stock she already owns. 

That severance package angered some observers.

But so did the apparent gender pay gap.

CSIX_20170314_MARCH_BLIZZARD

WATCH | For more news you need, check out our 60 Second Circa.

Comments
Read Comments
Comments
ADVERTISEMENT
Facebook Twitter Instagram Pinterest Linked In List Menu Enlarge Gallery Info Menu Close Angle Down Angle Up Angle Left Angle Right Grid Grid Play Align Left Search Youtube Mail Mail Angle Down Bookmark