The Zamboni ride has finally come to an end: Yahoo CEO Marissa Mayer is set to step down from her role following the closing of the sad Verizon deal. Don’t cry too much for her, however—she’s also in line for a golden parachute worth a sweet, sweet $23 million.
According to regulatory documents filed on Monday, Mayer is set to receive $3 million in cash, $24,000 in benefits, and $19,971,367 in equity. While golden parachutes are common at large companies, it’s a tad infuriating in this case, given Mayer’s penchant for overspending and sub-par performance during her five-year tenure as CEO.
Peculiarly, the previously reported value for Mayer’s golden parachute was much higher—more than double, in fact, at roughly $53 million. That scenario, however, would have resulted from Mayer getting fired; in the latest filing, it appears as though it’s a “stepping down” scenario.
Earlier this month, Mayer announced she would oh-so-bravely give up this year’s bonus and equity grant due to Yahoo’s embarrassing security fuck-ups. (The data breach disclosures also led Verizon to slash $350 million from the deal’s $4.8 billion price tag.)
The departure itself shouldn’t come as much of a surprise; in January, Yahoo announced that, following the close of the sale, Mayer would step down from Yahoo’s board, and the company itself would be renamed Altaba. But the news does mark the end of an era for Yahoo. As CEO, Mayer was expected to right the ship of an aging internet giant that failed to adapt to a world run by social media, data, and advertising. Upon taking the reins, Mayer aggressively spent Yahoo’s dwindling revenue on various startups, including a now-notorious $1.1 billion purchase of Tumblr, and at least $6 million a year on TV interviewer Katie Couric.
Following Mayer’s departure, the reins will be handed over to Thomas McInerney, currently a member of Yahoo’s board and the former CFO of internet company IAC. The company will also change its name to “Altaba,” which essentially serving as a vehicle for holding Alibaba stock. It appears that the Yahoo ship has finally been sunk.
Update 2:46 ET: Yahoo declined to comment on the significant difference in Marissa Mayer’s reported golden parachutes, but did provide Gizmodo with this statement about today’s SEC filing.
“Today’s filing represents an important step forward in the process of completing our transaction with Verizon. We will continue to move ahead expeditiously toward the closing, which we expect to occur in the second quarter of 2017.”