Verizon has closed its $4.48 billion acquisition of Yahoo, and Marissa Mayer is stepping down with $23 million
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Fortune/Business Insider
Yahoo CEO Marissa Mayer is stepping down.
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Marissa Mayer, who has been Yahoo's CEO since 2012, will step down with a $23 million package.
Yahoo will be combined with AOL, which Verizon bought for $4.4 billion in 2015, into a new entity called Oath. However, the Yahoo and AOL consumer brands will remain. AOL's CEO Tim Armstrong will be the CEO of Oath.
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Oath is expected to lay off about 2,100 employees, or 15% of its workforce, now that deal is closed, TechCrunch first reported. Armstrong confirmed the layoffs to The Wall Street Journal.
Get the latest Yahoo stock price here.
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