Yahoo CEO Marissa Mayer Resigns As Verizon Completes $4.5 Billion Purchase
Jun 14, 2017, 02:22
Despite the company's struggles, Yahoo's stock more than tripled while Mayer was CEO, creating more than $30 billion in shareholder wealth. We've actually known for a few months that Mayer will not run Yahoo under Verizon, which is not exactly a blow given that her compensation package is worth around $186 million based on a New York Times report.
"Given the inherent changes to my role, I'll be leaving the company", Mayer wrote in a note on Tumblr.
Yahoo CEO Marissa Mayer together with some of the company's directors including David Filo, Eddy W. Hartenstein, Richard S. Hill, Jane E. Shaw, Jeffrey C. Smith, and Maynard G. Webb, Jr. resigned from their positions. Yahoo and AOL will form a new digital media company under Verizon called Oath.
Verizon said Oath will "continue to build the industry's most advanced and open advertising technology solutions, with brands such as One by AOL and BrightRoll that span across mobile, video, search, native and programmatic ads".
Verizon won't be getting Yahoo's prized stakes in two Asian internet companies, Alibaba Group and Yahoo Japan. Former Yahoo president and CEO, Marissa Mayer, has stepped down.
Two years after that deal closed, people in the advertising industry say that promise has yet to be realized.
While knew this was coming, it's still the end of an era.
Yahoo originally offered a directory of websites to guide users through the new world of the Internet.
From Verizon's point of view, the deal is purely driven by data prospects from Yahoo-owned websites which have more than 200 million unique monthly visitors.
Mayer's hiring was seen as a daring move by some commentators, but also appeared to be a bit of a gamble for the once-mighty web portal, which had struggled to find a way to reinvent itself.
Like AT&T's bid to purchase Time Warner, Verizon's move also reflects a trend in the telecom industry for companies to Wednesday their networking technology to exclusive content.
But to be fair, Mayer wasn't exactly dealt a great hand when she joined Yahoo. She also has 491,000 shares set to pay out. But these costly efforts did little to turnaround Yahoo's business.
In an open letter to Yahoo employees, Mayer said, "It's been my great honor and privilege to be a part of this team for the last 5 years". (NYSE:VZ) is planning to slash thousands of jobs from Yahoo!
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