Yahoo names new leadership

Team will take over after Verizon deal

Yahoo Inc. has named the top executives who will lead what’s left of the company after its digital services are sold to Verizon.

Yahoo said in a regulatory filing on Monday that Thomas McInerney will be CEO of the leftover company, to be called Altaba Inc. McInerney has been on Yahoo’s board since April 2012 and has worked at IAC/InterActiveCorp and Ticketmaster.

Arthur Chong will serve as general counsel and secretary, and Alexi Wellman as chief financial and accounting officer. DeAnn Fairfield Work was named chief compliance officer.

CEO Marissa Mayer, a Wausau native, will stay at Yahoo until the $4.48 billion Verizon deal closes. That’s expected by the end of June. The filing did not say what will happen to her position after the changes.

Verizon had agreed to buy Yahoo’s online business following a long slump at the internet company, but the deal was later jeopardized after Yahoo disclosed major computer hacking attacks that compromised the personal information of more than 1 billion users. The breaches were the two biggest in internet history.

Yahoo recently said it won’t be paying Mayer’s annual bonus or give her a potentially lucrative stock award because an investigation concluded her management team reacted too slowly to one breach discovered in 2014.

Monday’s filing revealed that Mayer will receive a $23 million severance package if she doesn’t work for Verizon.

Verizon demanded a $925 million discount on its acquisition of Yahoo’s online services to help offset the damage from the data breaches. It ultimately settled on a $350 million concession.

Yahoo disclosed new details about its negotiations with Verizon in a regulatory filing Monday. The filing doesn’t say why Verizon accepted the lower figure, which was previously announced.