$23 Million in Severance Pay – How Yahoo CEO is Coming Out Ahead Even When the Company is Tanking
Imagine being the CEO of a struggling company, only to learn that your company is going to be sold to another, larger corporation and you’ll be out of a job. For most people, this would be bad news – however, for Yahoo CEO Marissa Mayer, this is likely cause for celebration. Why?
Because according to a regulatory filing by Yahoo on March 13, 2017, Mayer is set to receive a cool $23 million severance pay package. This breaks down to about a $3 million cash severance with $20 million in equity. Mayer is also set to continue to receive health benefits.
Yahoo Transfers Its Business to Verizon After Years of Difficulty
It’s no secret that Yahoo has had more than its fair share of issues over the last few years. In 2014, hundreds of millions of user accounts were hacked and millions more were hacked over this past summer. The company has decided to sell to Verizon and will operate under the new name Altaba. Mayer is expected to stay for a short period of time after the sale until new people become accustomed to their new roles.
Severance Pay for Another Key Yahoo Player
Marissa Mayer isn’t the only one getting a sweet severance pay package from Yahoo, although hers is by far the largest. Ken Goldman, CFO of Yahoo, stands to gain $9.5 million in severance pay. At this time, it is unknown what other Yahoo key players will be paid as part of their severance agreements as the company makes this new transition.
What Kind of Severance Pay Package Can You Expect?
If, like Yahoo, your company is being sold to another larger company or even has simply decided to stop doing business or has eliminated your position within the company, you may be entitled to severance pay.
The laws surrounding New York severance pay can be quite complex, and this can be exacerbated if you work for a large company with significant holdings and may potentially gain a lot from your severance package. If you believe that you may be owed severance pay after losing your job or you’ve been offered a severance package, it’s important to contact an experienced New York severance lawyer before signing on the dotted line.
Attorney Chris Davis with Working Solutions NYC can help you determine what sort of severance pay options you may be eligible for and can help you negotiate the most beneficial severance package for you. At Working Solutions NYC, we’ll first evaluate your unique circumstances and goals, and will define what “success” means to you. A successful New York severance package will often look different from person to person, so we ensure that we are looking at what will be the most advantageous for you.
Call today for a consultation at (646) 430-7930.