Marissa Mayer will walk away from Yahoo with $186 million.
Mayer, who has failed to turn the Internet pioneer around in five years as CEO, is expected to step aside when Verizon completes its $4.5 billion purchase of Yahoo.
She has a total of 4.5 million shares of Yahoo stock and options, plus restricted stock that will vest when the Verizon deal goes through, according to a filing on Monday. Yahoo said last week it expected the deal to close in June.
Once Mayer pays to exercise her options, she’ll be left with $186 million, based on Yahoo stock’s closing price of $48.15 a share on Monday.
She will also get a $3 million golden parachute — cash severance that accompanies the sale of the company. The companies announced the sale in July 2016.
Yahoo’s stock price has tripled since Mayer took over, but her tenure has been tumultuous.
The company stripped Mayer of her bonus for last year after hackers compromised 1 billion user accounts. The breach also caused Verizon to shave $350 million off the previous sale price of $4.8 billion.
To her credit, Mayer did find a buyer for Yahoo’s core internet operation, which includes Yahoo.com, the company’s ad and video businesses, and a suite of mobile apps.
And Yahoo’s lucrative stakes in the Chinese e-commerce giant Alibaba and Yahoo Japan will remain in the hands of current Yahoo shareholders in the form of a new, separate stock.