The "golden parachute" could have been even bigger if not for a penalty assessed by the company in response to Mayer's handling of Yahoo's massive data breaches. The purchase has already been hung up, and the price reduced, because of ongoing turmoil at Yahoo, including revelations a year ago of two data breaches.
Yahoo had originally been planning to spin off the Alibaba stake, but was forced to U-turn on this, and instead agreed to sell the core units to Verizon, in a deal which was announced a year ago.
Yahoo shareholders will vote on Verizon's acquisition on June 8 at a special meeting at the Santa Clara Marriott, according to the filing. The sum is considered to be huge and includes a combination of various payments, such as the values of the shares she owns in the company, outstanding share options, as well as cash payments and a "golden parachute" payment. "She also holds about 1.6 million Yahoo shares, worth almost $77 million", the Journal reported (paywall). Yahoo only notified 26 account holders of the breach at that time.
Mayer started off by trying to expand the content business of Yahoo. Yahoo's stock price did triple during Mayer's tenure, though that increase was largely due to Yahoo's previous investments in Yahoo Japan and Alibaba, not the growing value of the company's core Web business. This will no longer include the valuation of stock she has already sold or the bonus she chose to give up due to the massive cyber security breaches revealed earlier previous year.
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John Roe, head of ISS Analytics, part of the proxy adviser Institutional Shareholder Services, told the Washington Post that Mayer's total was pulled together before her total in cash and equity compensation during her tenure was accounted for, which is more than $200 million.
Verizon is expected to pay $4.9 billion for the purchase of Yahoo which will be combined with the AOL brand under the new banner of Oath.
Mayer reportedly wont be sticking around after the sale, despite having written a blog in which she detailed that she planned to stay. This venture will be spearheaded by Thomas McInerney, a Yahoo director who carried out the Verizon deal.