Yahoo! chief executive Marissa Mayer will leave the company after its deal with Verizon is completed, but will be handsomely compensated with a payout of US$23 million.
Board member Thomas McInerney will become the chief executive of Altaba, the new name given to what will remain of Yahoo! after the Verizon deal.
Mayer has been chief executive of Yahoo! for nearly five years, but apparently could not turn the company around.
Verizon will pay US$4.48 billion for Yahoo!'s assets apart from its cash, its shares in Alibaba, its shares in Yahoo! Japan, its convertible notes, certain minority investments, and its non-core patents (called the Excalibur portfolio).
{loadposition sam08}The original price of US$4.83 billion was reduced after disclosures of massive data leaks by Yahoo!.
There were three disclosures: one in September 2016, the second in December the same year and a third in February 2017.
The first involved 500 million user credentials and the second a billion, while no numbers were given for the third leak.
When the price was renegotiated in February, the two companies issued a joint statement saying they would "share certain legal and regulatory liabilities arising from certain data breaches incurred by Yahoo!".
It said Yahoo! would be responsible for 50% of any cash liabilities after any non-SEC (Securities and Exchange Commission) government investigations and third-party litigation related to the breaches ended.
Any liabilities due to shareholder lawsuits and SEC investigations would be the responsibility of Yahoo!.