Yahoo CEO Marissa Mayer Could Get $44M Golden Parachute After Verizon Sale
A new regulatory filing also reveals that Yahoo spoke with 51 different parties about a potential sale.
Yahoo CEO Marissa Mayer stands to make $44 million if Verizon terminates her contract after its acquisition of the internet company is completed.
Her severance package, known as a golden parachute, was revealed Friday afternoon in a regulatory filing about the pending sale. Mayer, who took over leadership of Yahoo in 2012 in an attempt to turnaround the flagging business, would receive the payout if her contract is terminated within one year after the sale is finalized. That compensation could change based on the date of her departure. In a filing from earlier this year, Mayer's severance package was reported as $55 million.
Other executives that would be in for a large payday if they are let go after the sale include chief revenue officer Lisa Utzschneider, whose golden parachute is listed as $20.5 million, and chief financial officer Ken Goldman, who would make $12.2 million.
The filing also described in great detail Yahoo's sale process, indicating that the company spoke with as many as 51 parties about a potential transaction, a number that later shrunk to 19 of those that took meetings with Yahoo.
Yahoo Japan, which Yahoo owns a share of, was among the interested parties, proposing a merger between the two companies that was ultimately deemed "not compelling." Another unnamed party proposed a $1 billion to $2 billion investment in Yahoo that would then include the spinoff of Yahoo's business.
If Yahoo were to back out of the sale to Verizon, it would be required to pay a $145 million termination fee, according to the filing.