Yahoo provided details today about its succession plan as the company’s core search and advertising assets become part of Verizon.
“Yahoo board member Thomas McInerney will serve as CEO and Alexi Wellman will fill the CFO position after Yahoo completes the sale,” MediaPost reports. “McInerney, the former CFO of IAC/InterActive Corp., joined Yahoo’s board in 2012. Yahoo CEO Marissa Mayer, who came from Google, was named the company’s CEO the same year.”
Along with the new owner, Yahoo will get a new name: Altaba.
Mayer will exit the company and will receive a severance package worth about $23 million, UPI reports. Details about her exit were included in a filing with the U.S. Securities and Exchange Commission that was released today.
Verizon’s $4.46 billion purchase of Yahoo’s media assets is expected to close sometime in the second financial quarter of 2017, UPI notes, adding that Yahoo Chief Financial Officer Ken Goldman will also depart the company.
“Altaba will become an investment company running Yahoo’s investments in Alibaba Group and Yahoo Japan, along with convertible notes, and non-core patents,” UPI reports. “Verizon, which also owns AOL, is attempting to expand and improve its own mobile and online video efforts. Yahoo has more than 1 billion users, including more than 600 million mobile users.”