Yahoo CEO Marissa Mayer seen at the Fortune Global Forum on November 3, 2015 in San Francisco. (credit: Getty Images | Justin Sullivan)
In filings with the Securities and Exchange Commission today, Yahoo laid out the severance packages for executives that will be leaving the company as it sheds its Internet business chrysalis and emerges as an Alibaba stock-holding company moth called Altaba. Marissa Mayer, Yahoo’s chief executive officer, will receive a package of cash, stock, and benefits valued at a total of $23,011,325 at the completion of the deal, according to Yahoo’s proxy statement. Of that, $3 million will be in cash.
Lisa Utzschneider, Yahoo’s chief revenue officer, will receive a $16,536,363 severance package. Ken Goldman, Yahoo’s chief financial officer, will get a $9,478,568 farewell. Yahoo cofounder David Filo will get $15,000 in cash and two years’ worth of continued health insurance. Ronald Bell, Yahoo’s general counsel, resigned on March 1; he gets no golden parachute.
The proxy statement filing is a preliminary copy of what will be sent to Yahoo shareholders in advance of the as-of-yet-unannounced special meeting to approve the Verizon acquisition of Yahoo’s Internet business—a deal that lost $350 million of its value as the result of a string of data breaches uncovered during audits of Yahoo’s systems. Mayer and other Yahoo executives reportedly knew of some of the breaches, which were blamed on a “state actor,” well before the acquisition began. But users were still being informed of potential exposure of personal data because of an attacker using cookies forged to bypass user authentication as of February 17.