[Global Synthetic Reporter Li Zongze] According to the US “Wall Street Journal†reported on March 14, Yahoo! Company detailed the Chief Executive Mayer’s $23 million resignation compensation, which was paid by the company to Verizon Communications Inc. (VZ) As part of the Mayer departure plan after the sale of core assets.
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Yahoo also outlined the leadership of the legacy business in the regulatory filing submitted on the 13th, with director Thomas McInerney taking control of the company. After the sale of Yahoo, it will effectively become a holding company holding a large stake in Alibaba Group and Yahoo Japan. Mayer will continue to serve as chief executive until the transaction is completed, when she will be replaced by McInerney and withdraw from the Yahoo board.
Meyer's compensation for termination includes approximately $3.02 million in cash and approximately $20 million in proceeds from previously granted restricted stocks. The document states that this $23 million exit compensation does not include Mayer's $5.86 million worth of nearly 2.9 million stock options held as of March 8. A spokesperson said that these options have been attributed to Mayer.
Verizon said last month that the company will continue to promote the acquisition of Yahoo's transactions, but the two companies agreed to cut the transaction price 350 million US dollars, up from 4.83 billion US dollars previously. In its submission, Yahoo said that Verizon had earlier hinted at reducing the transaction price by at most 925 million U.S. dollars when it talked about the impact of Yahoo's data leakage incident. The two companies expect the deal to be completed in the second quarter of this year.
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