Mayer scores $23 million golden parachute as Yahoo names Altaba executive team

Marissa Mayer, former President and CEO of Yahoo.
Elijah Nouvelage | Reuters

Yahoo CEO Marissa Mayer could receive a more than $23 million "golden parachute" payment as part of an exit from the company, including more than $3 million in cash and nearly $20 million in equity, according to SEC filings. She will remain at least up until the deal's closing, which is expected to happen in the second quarter of this year.

It's unclear what Mayer's role would be with Verizon after the deal, although she has said she's planning to stay.

Separately, Yahoo has named the team that will lead its remaining assets, to be renamed "Altaba," after the core business merges with Verizon. Board member Thomas McInerney will serve as Altaba CEO and Alexi Wellman filling the chief financial officer position.

Altaba's holdings will include interest in Chinese e-commerce company Alibaba, its cash, convertible notes, certain minority investments, and a noncore portfolio of patents called Excalibur.

McInerney, 52, previously served as chief financial officer of IAC and Ticketmaster, and has been on Yahoo's board since 2012. McInerney will be based in New York City and receive a base salary of $2 million, with a potential annual incentive award of 100 percent of his base salary, according to regulatory filings.

Wellman, 46, will have a base salary of $500,000, with a potential annual incentive award of 75 percent of her base salary, according to the filings.