Yahoo Inc. Chief Executive Marissa Mayer is set to reap some $187 million from her shareholdings as a result of the internet companys sale of its core business to Verizon Communications Inc. , according to securities filings.
The hefty payout comes despite Ms. Mayers inability to accomplish what she was hired to do five years ago: revitalize the fading internet icon after its struggles with high employee and executive turnover and declines in ad revenue.
Instead, Yahoo sold its businessnot including some assets such as its stakes in other internet companiesto Verizon last year for $4.5 billion. That deal is expected to close in June, after months of delays following Yahoos disclosure of two massive security breaches.
Yahoo shareholders will vote on the deal during a special meeting on June 8, according to a securities filing published Monday. The measure is expected to pass. As part of their severance package, Ms. Mayer and other top Yahoo executives are eligible for accelerated vesting of all stock options, restricted-stock units, and other equity-based awards outstanding when the deal closes, according to the filing.
For Ms. Mayer, that includes stock options valued at more than $85 million and Yahoo shares valued at nearly $77 million at Tuesdays closing share price of $48.40, according to the information in the filing.
She also holds restricted stock units worth about $25 million at Tuesdays closing share price; vesting of those units would be accelerated under her golden parachute plan, Yahoo has said.
Together, those amounts are worth $187 million at Tuesdays closing share price. Adding salary, bonus and options she has already exercised, that brings her total compensation over her tenure at Yahoo to an estimated $227.6 million
