Marissa Mayer, the chief executive of Yahoo, is in line for a $US55 million severance payment after her company was sold to Verizon.
Ms Mayer, who is worth an estimated $US430 million, would be awarded cash, shares and other benefits if removed from her post within a year of the sale, a regulatory filing submitted by Yahoo to the US Securities and Exchange Commission showed.
Verizons purchase marks the end of Ms Mayers struggle to convert Yahoo from a company that dominated the web in the early 2000s into one that is relevant in the smartphone age. Verizon will pay $US4.8 billion for Yahoos mail, content, search and ad technology businesses, which will be subsumed by Verizons AOL unit.
The pay-off for Ms Mayer, a prominent figure in Silicon Valley who found early success as one of Googles first employees, would be made up of a cash award of $US3 million and share awards worth nearly $US52 million.
Ms Mayer said in an email to staff that she planned to stay at Yahoo, although her place at Verizon after the completion of the deal was unclear. She wrote: Its important to me to see Yahoo into its next chapter.
Asked on CNBCs Squawk Box if she thought that the sale of Yahoo showed that it was a failure, Ms Mayer said: I dont, not at all. I think that overall, when you look at what the companys achieved over its history and where we are today, I couldnt be prouder of the team that we have and what weve been able to achieve.
Its really hard to build new businesses. Its really hard to take a company that was so predominant at a moment in time. Yahoo is a company that changed the world ... I really view this as a success.
Ms Mayer was in the upper ranks at Google in its early growth spurt. In 2004, aged 29, she made hundreds of millions of dollars when Google floated, but by 2012, she had been edged out. She joined Yahoo that year.
Ms Mayers compensation package was worth $36 million last year, down from $US42 million in 2014.
Marcelo Claure, chief executive of Sprint, a major internet carrier, suggested that his rivals purchase of Yahoo was doomed. He said attempts by telecoms companies to enter the market for online content had always failed.
(c) 2016 Emirates News Agency (WAM) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers