Mayer walks away with a compensation package of almost $127 million, including her severance package and stock awards. In it, Mayer thanks Yahoo employees and lists various accomplishments in which she says Yahoo's team "rebuilt, reinvented, strengthened, and modernized" the company and its products.
In an email to employees that Mayer posted on Tumblr, she wrote, "Given the inherent changes to my role, I'll be leaving the company".
Katie Couric's status and position with Yahoo won't be impacted by Verizon's recent takeover of the Internet giant, a source told Fox News. The acquisition has led to the creation of Oath, a combined AOL-Yahoo entity that will now be led by erstwhile AOL CEO Tim Armstrong. Marissa Mayer, former CEO at Yahoo, resigned. Verizon wishes Mayer well in her future endeavors, the release said.
The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed previous year.
The purchase of Yahoo's core Internet business is Verizon's ongoing play to sprawl its digital-media presence and break into the digital-advertising market, where it could become a No. 3 to the dominant duo of Google and Facebook.More news: UK leader holds alliance talks with NIreland party chief
Kurt Burnette, chief revenue officer for SWM, said: "Our JV partners own and operate one of the world's largest digital advertising businesses and we look forward to driving home this leadership in local and global best content, technology and innovation. We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle, coupled with our market-leading advertising technology platforms", Armstrong said in a statement.
The remainder of Yahoo, not acquired by Verizon, will be renamed Altaba Inc, according to Reuters.
Following the sale, its remaining assets consist of an approximately 15% equity stake in Alibaba Group Holding Limited; an approximately 36% equity stake in Yahoo Japan Corporation; and other minor investments. In March, Yahoo said board member Thomas McInerney will serve as Altaba CEO.
Yahoo's shares will continue trading on the NASDAQ until the close on June 16.