Marissa Mayer Dropped From Yahoo! On $23 Million Golden Parachute

(RTTNews) - Yahoo Inc.'s Chief Executive Marissa Mayer will be replaced after the takeover of the company by Verizon. Mayer will receive a severance pay package of $23 million.

Yahoo has appointed Thomas McInerney, the former CFO of IAC, as the new CEO. Financial Chief Ken Goldman will also step down after the sale closes and will be replaced by Alexi Wellman.

Mayer and Goldman will continue to serve as CEO and CFO, respectively, until the deal closes.

Mayer would receive $19.97 million of that payoff in equity, with over $3 million coming in cash.

The sale of Yahoo's core internet assets to Verizon was delayed after Yahoo suffered two data security breaches. The price of the sale of the internet assets was reduced by $350 million to $4.48 billion last month due to the security breaches.