- The Washington Times - Tuesday, June 13, 2017

Yahoo CEO Marissa Mayer is out the door with a $260 million severance package as the Verizon-owned tech giant rebrands itself as a new company called Oath, according to media reports.

Verizon officially announced the launch of Oath in a June 13 news release, calling the subsidiary “a diverse house of more than 50 media and technology brands that engages more than a billion people around the world.” 

The company spent $4.48-billion to acquire the AOL and Yahoo properties, which include blogging site Tumblr as well as the legacy properties like AOL.com and Yahoo Mail and internet news and commentary outlet Huffington Post.

Ms. Mayer was brought on by Yahoo in July 2012 but failed to fix the company’s position relative to competitors such as Google.

The closing price for Verizon’s acquisition of Yahoo, in the works since July, was dialed down in value earlier this year thanks to revelations of lax cybersecurity that endangered Yahoo and AOL users. Initially Verizon had planned to shell out $4.8 billion for the sale, and Ms. Mayer had told employees she was “planning to stay” with the company,” CNN reported.

Ms. Mayer is taking home a $23 million severance payment package, and her stock ownership is valued at $236 million in current stock prices, CNN reported Tuesday.

The resulting parting compensation is millions more than the “egregious” sum of $186 million that former Yahoo President Sue Decker decried in May.

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