Yahoo CEO Marissa Mayer Resigns As Verizon Completes $4.5 Billion Purchase

14 June 2017, 05:37 | Shawn Tate

Yahoo CEO Marissa Mayer Resigns As Verizon Completes $4.5 Billion Purchase

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"Given the inherent changes to my role, I'll be leaving the company".

For the majority of its existence, however, Yahoo struggled to find relevance.

Mayer is expected to receive a severance package worth $23 million. Verizon will also leverage the merger with Yahoo to boost its presence in the mobile and online video space against the likes of Google and Facebook. Sports, AOL.com, MAKERS, Tumblr, Build Studios, Yahoo! Former Yahoos, as they like to call themselves, have founded or run a long list of businesses, including Slack, WhatsApp and LinkedIn.

And more than 2,000 employees will get laid off as Yahoo and AOL reorganize under Verizon's management, according to a person familiar with the matter.

In a news release earlier this year, Verizon described the combined AOL-Yahoo as a $7 billion business.

Mayer, meanwhile, couldn't have been more pleased to have completed the deal, and trousered her tidy, multi-million dollar bonus as thanks for a job well done from grateful shareholders and staff.

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The deal marks the end of Yahoo as an independent company, a stint which lasted over 20 years.

Analyst Scott Kessler of CFRA Research counted 79 uses of the word "we" in Mayer's message. She also hired big name media personalities like Katie Couric and acquired Tumblr to reach a younger demographic.

"That letter largely constitutes a resume for her to put in front of. companies and venture capital firms", Kessler said. We're trying to confirm these and other details, but unsurprisingly David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw, Jeffrey Smith and Maynard Webb Jr. have already resigned from Yahoo's board. Yahoo's stock will trade through Friday.

The $4.8 billion purchase of Yahoo, one of the oldest existing internet brands, had always been expected before the announcement in 2016. From day one, your tenacity and whimsy helped create one of the most special companies of all time - one that has employed more than 175,000 people, generated over $77B in revenue, and has informed, connected, and entertained a large portion of humanity.

Mayer was the sixth C.E.O.at Yahoo in five years (including two interim chief executives). Yahoo's web assets will be placed under a new unit at Verizon known as Oath. "Marissa sold the company to Verizon and basically did the exact same thing, and she's a failure".



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