Yahoo is giving its CEO Marissa Mayer a $23 million “golden parachute” and $3 million in cold hard cash in the hope that she might go away with the least amount of fuss.
The search engine has named Thomas McInerney, a former chief financial officer of IAC, as the bearer of the Yahoo poisoned chalice once the merger with Verizon becomes official.
Yahoo said that after it completes the sale of its core search business to Verizon and Mayer and co-founder David Filo step down as board members of Altaba – the new name for the remaining holdings.
Mayer’s golden parachute is the large payment for top executives if they lose their position because of a deal, would include $19.97 million in equity and more than $3 million in cash, according to a regulatory filing.
It would kick in if there is a change in control, as will be the case in the deal, and she is terminated “without cause” or “leaves for good reason” within a year.
There cannot be many people who would be upset at getting $26 million not to go to work.