Yahoo's Marissa Mayer to be replaced after Verizon sale

SUNNYVALE, Calif. – Yahoo CEO Marissa Mayer will be replaced when the firm is sold to Verizon and becomes an investment company called Altaba.

Board member Thomas McInerney, 52, a former executive with internet firm InterActiveCorp and Ticketmaster, will take her place, Yahoo said in a Securities and Exchange Commission filing Monday.

Mayer will receive $23,011,325, said a proxy statement Yahoo filed Monday. It was not clear why that figure was lower than the $55 million Yahoo specified in an earlier statement. On March 1, Yahoo announced that because of the data breaches, its board had stripped Mayer of her $2 million bonus for 2016 and she had forfeited her 2017 equity grant of at least $12 million in restricted stock and stock options.

McInerney is to receive $2 million in annual base salary, double Mayer's base pay. He will also be eligible for a performance-based annual incentive award of another $2 million, plus "long-term deferred compensation" in the form of a grant of up to $24 million after the sale closes, the SEC filing said.

Whether Mayer will have any future role in Verizon or Altaba is unclear. According to an SEC filing, she will not sit on the Altaba board.

Yahoo and Verizon said the sale will close between April and June. Yahoo was forced to cut the price by $350 million after revelations of two record-setting hacks of Yahoo users' personal data.