The troubled internet giant Yahoo’s Chief Executive Marissa Mayer has quit. The news was announced by Verizon Communications after it succeeded in acquiring the Yahoo’s core business in a deal worth USD 6 Billion. Verizon which also owns AOL is in the process of rebranding them under the name OATH and will be led by AOL Chief Executive Tim Armstrong.
Yahoo will be renamed as Altaba with 15.5% stake in Alibaba Group Holding Ltd and 35.5% holding in Yahoo Japan Corp. OATH owns some of the famed brands like Tumblr, HuffPost, TechCrunch etc.,
Mayer who was not given any bonus for the year 2016 will be getting a severance pay of USD 186 Million. On not being awarded the bonus, Ms Mayer said “expressed my desire that my bonus be redistributed to our company’s hardworking employees, who contributed so much to Yahoo’s success in 2016.”
Thomas McInerney, a Yahoo board member, will become Altaba’s chief executive officer.
Yahoo faced downfall in the recent years as it failed to cope up with the changing markets and its revenue on advertising which was its major source of income dropped sharply. Adding to that, it was accused of data breach which had plagued the brand ever since it emerged.