Yahoo has named board director Thomas McInerney as CEO and global controller Alexi Wellman as CFO of the new company that will emerge from the sale of its core internet business to Verizon.
The new Yahoo, to be named Altaba, will include its rich stakes in Chinese internet giant Alibaba and Yahoo Japan. Yahoo CEO Marissa Mayer and CFO Ken Goldman will not be part of Altaba but will continue to serve in their current positions until the $4.48 billion Verizon deal closes, according to a regulatory filing.
McInerney, who joined Yahoo’s board in April 2012, served as CFO of media mogul Barry Diller’s IAC/InterActiveCorp. an Internet company, from January 2005 to March 2012. He will earn a base salary of $2 million a year, plus incentives that could push the total compensation package up by as much as $24 million.
Wellman has served as Yahoo’s global controller since October 2015 after previously serving as vice president of finance. She was formerly CFO of Nebraska Book Company and will earn a base salary of $500,000.
As The Wall Street Journal reports, most of Yahoo’s value stems from its stakes in Alibaba and Yahoo Japan, not the core business being sold to Verizon. The parties negotiated a $350 million reduction in the sale price after the deal was threatened by two huge hacks of Yahoo’s user data.
Mayer’s post-sale future remains unclear, although she is eligible for a severance package worth about $23 million if she is fired without cause or leaves Yahoo for a good reason.
Yahoo previously said that Eric Brandt, who joined Yahoo’s board last March and is the former chief financial officer of Broadcom Corp., will become chairman of Altaba.