An earlier company filing in the $4.48 billion deal revealed Mayer is receiving a $23 million golden parachute. "Verizon wishes Mayer well in her future endeavors", a Verizon press release published on Tuesday reads.
"I'm tremendously grateful for all of the hard work and the many sacrifices you've made", she wrote, listing off what she saw as the highlights of her tenure.
But to be fair, Mayer wasn't exactly dealt a great hand when she joined Yahoo. Verizon is combining Yahoo and AOL into a new company called OATH, which will house many different publications and brands, including Yahoo Sports, The Huffington Post, Engadget, TechCrunch, Tumblr, Flickr and more.
Verizon has combined Yahoo's online assets with its existing AOL business to create a new subsidiary dubbed Oath. The first, involving 500 million accounts, was announced in September.
Nearly a year after it was initially announced, Verizon finally completed its $4.48 billion acquisition of Yahoo on Tuesday. The company then attempted to go back and lower its price, or even get out of the deal, due to the various security hacks that Yahoo had made public.
While knew this was coming, it's still the end of an era. She pushed Yahoo into more mobile services, started new video content services and tried to attract better talent to improve products.
For the majority of its existence, however, Yahoo struggled to find relevance. The implication is that shareholders are attaching a very low probability, and perhaps also a long wait, to any meaningful reduction in America's company tax rate.
A spokeswoman for Yahoo had no comment about Mayer's compensation package. She also has 491,000 shares set to pay out. But these costly efforts did little to turnaround Yahoo's business. Those will belong to a newly formed company called Altaba.
While Yahoo's heyday is over, insiders take solace knowing Yahoo alumni remain a force in defining the Internet. They say that 2,000 jobs may be slashed as Yahoo and AOL integrate.