Mar 14, 2017 03:42 PM EDT
Yahoo's New Male CEO to Replace Marissa Mayer; Company Willing to Pay More
Thomas McInerney is the new CEO of whatever is left of Yahoo after it's deal with Verizon. Although outgoing CEO Marissa Mayer will get a sweet deal, it seems McInerney will get an even better one with a pay double that of Mayer. This stirs controversy considering that his job is considerably lighter compared to Mayer.
McInerney, who is formerly the chief of InterActiveCorp, will be paid a starting base salary of $2 million, Fortune reported. Meanwhile, Mayer was only paid $1 million when she was CEO of the tech company. Since McInerney will lead only the leftover stump of the company, his job is expected to be a lot easier.
According to reports, McInerney is expected to get $4 million in his first year as the CEO of Yahoo. Since Yahoo will become an investment company with what is left after the deal with Verizon, it could mean that McInerney will be working on a no-show job. This could easily stir up gender equality issues against the company.
Marissa Mayer is expected to get $23 million if she loses her job due to the Verizon takeover, BBC reported. Verizon will acquire Yahoo's main internet assets later this year. The deal has been delayed due to the security breaches that Yahoo experienced.
When the deal was announced in 2016, Mayer said she intended to stay in the company, adding that she wants to see Yahoo head into its next chapter. It means she can get the "golden parachute" payment should Yahoo fire her for no reason. She could also get a $3 million severance payment if this deal pushes through.
Due to the cyber-attacks experienced by Yahoo, the acquisition deal went down by $350 million to only $4.48 billion. Yahoo is still facing lawsuits due to the cyber-breaches. After the deal is done, Yahoo will be left with the Alibaba stock it owns, as well as its stake in Yahoo Japan, and a slew of other investments.