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.
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.
Marissa Mayer, who failed at resurrecting Yahoo and is selling it to a phone company, will get a $23 million severance. That makes sense.— Larry (@LarryLarmeu) March 13, 2017
That severance package angered some observers.
But so did the apparent gender pay gap.
(didn't follow it's acquisition but) imho if Yahoo's CEO Mayer were male, that parachute would be A LOT more!— Bonnie Parrish-Kell (@bparrishkell) March 14, 2017
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