Yahoo names post-spinoff management team
WASHINGTON: Yahoo said on Monday board member and former Internet executive Thomas McInerney would lead the business that remains after the sale of its core assets to Verizon is completed.
The Internet pioneer said the sale of its main operating unit was on track to be completed in the second quarter, and that McInerney would head the financial holding company that remains, provisionally called “Altaba”.
The main holding of Altaba would be its stake in Chinese Internet giant Alibaba, which is worth far more than the rest of the Yahoo operations.
“Today’s filing represents an important step forward in the process of completing our transaction with Verizon,” said Yahoo in a statement.
The statement noted that Yahoo chief executive Marissa Mayer and chief financial officer Kenneth Goldman would remain in their posts prior to the closing.
If Mayer is fired without cause from Yahoo after the acquisition by Verizon is completed, she will be entitled to a “golden parachute” worth US$23 million (RM102.3 million) — slightly more than US$3 million of it in cash and the rest in stock, according to a filing on Monday with the United States Securities and Exchange Commission. AFP