When the Yahoo-Verizon deal closes, there will be an exec shuffle - here are the details
Yodel AnecdotalJeff Bonforte will be the new head of searchWhen Verizon merges Yahoo with AOL after its acquisition of Yahoo closes, under the new "Oath" brand, there will be a big exec shuffle.
Many of Yahoo's top brass, including CEO Marissa Mayer, are expected to leave. But a few current Yahoo execs have already been tapped to take on big roles at the new company.
And Yahoo is expected to announce some of the changes internally as soon as next week, a source familiar with the matter told Business Insider.
Among the major leadership changes planned for the new Oath entity that Business Insider is hearing about:
- Jeff Bonforte, the SVP of comms products, will be the new head of search for the combined entity once the deal closes.
- SVP Simon Khalaf, who joined Yahoo when his ad tech startup Flurry was acquired in 2014, will head up media for new combined entity once the deal closes.
- Ian Weingarten, the SVP of corporate development and partnerships, and a Mayer favorite, is leaving once the deal closes.
- Enrique Munoz Torres, the SVP of advertising and search who leads product, will leave once the deal closes.
- Lisa Utzschneider, the CRO who reportedly wants to be a CEO somewhere, is leaving once the deal closes.
It's not clear if the future roles of all Yahoo's execs have been finalized at this point, and it's possible that some of the planned roles and the timing for the announcement could still change.
Yahoo and Enrique Munoz Torres declined to comment. The other executives mentioned did not respond to requests for comment.
Verizon announced in July that it would acquire Yahoo's core internet business for about $4.5 billion in cash. There have been a few snafus along the way, notably Yahoo's data breach scandals, but the deal is supposed to close in June.
At that point, if Verizon conducts layoffs within the first year, it will have to pay big. As we previously reported, there's a double trigger provision clause which will grant all Yahoo employees an extra special payout should they lose their jobs quickly after this deal.
However, Yahoo CEO Marissa Mayer will reportedly be one of those that leaves the company, and stands to potentially snag $23 million in severance.