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Marissa Mayer Leaps Off Glass Cliff With $23 Million Golden Parachute

Yahoo Says Ex-IAC Executive to Become CEO of Remaining Business After Verizon Deal

(YHOO) this morning said via a federal filing that its successor company, the one holding the company's minority stake in Alibaba Group Holdings (BABA), will upon the sale of the main advertising business to Verizon Communications (VZ), change its name to Altaba.

Marissa Mayer, Yahoo's chief executive, stands to receive $23m in severance benefits if her employment is terminated after Verizon's deal to buy Yahoo closes.

Marissa Mayer's tenure as Yahoo CEO is quickly winding down. But that shouldn't come as much of a surprise.

Mayer will remain as CEO of the company until the almost $4.5 billion Verizon deal closes sometime in the second quarter of this year.

On Feb. 9, McAdam and Thomas McInerney, a Yahoo board member, met in Verizon's offices in New York City.

Yahoo is also facing 43 class action lawsuits because of the hacks, which the company - and not Verizon - are liable for.

In January, Yahoo announced that Mayer would step down from the company's board after the sale. It's not yet clear if she will remain with the search and news business that Verizon is acquiring.

The deal is expected to close in the second quarter of this year.

The two parties ultimately reached an agreement to offer Verizon a $350 million concession. However, she will be leaving with a $23 million golden parachute. She also had to forgo her cash bonus for 2016 and any potential stock-based bonus for 2017, because of the data breaches that occurred under her watch.

"For me personally, I'm planning to stay". That scenario, however, would have resulted from Mayer getting fired; in the latest filing, it appears as though it's a "stepping down" scenario.

Like many other failed CEOs before her, Mayer will still walk away with a handsome payout.