Verizon completed the acquisition of Yahoo! that long has been in the works, the company announced Tuesday in a press release. The assets Verizon gained in the nearly $4.48 billion buy will be combined with the AOL business Verizon previously acquired to create Oath, a combination of media and tech brands, the release said.
As part of the transaction and changes going on within Yahoo! and at Verizon post-merger, Yahoo! President and CEO Marissa Mayer is stepping down.
“Given the inherent changes to Marissa Mayer’s role with Yahoo resulting from the closing of the transaction, Mayer has chosen to resign from Yahoo. Verizon wishes Mayer well in her future endeavors,” the press release said. When the possibility of a deal between the two companies was announced nearly a year ago, Mayer said she was “planning to stay,” she wrote in an email sent to “Yahoos.” “I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter,” she wrote in that email.
Marissa Mayer Net Worth
Filings with the Securities and Exchange Commission show Mayer most likely is walking away from the company with a “golden parachute,” a $23 million package of $3 million in cash and $20 million in equities. Mayer was at the company for five years.
Mayer got her start at Google where she was one of the first employees, which is where much of her accrued wealth comes from. Forbes estimated Mayer’s net worth at $540 million.
In addition to Tuesday’s announcement in the form of a press release Mayer wrote an open letter to her (now) former colleagues, which was emailed to all Yahoo! employees and posted to her Tumblr account. “Given the inherent changes to my role, I’ll be leaving the company. However, I want all of you to know that I’m brimming with nostalgia, gratitude, and optimism,” she wrote.