The new Yahoo, which will shed that name with its sale to Verizon, is getting a new CEO.
Thomas McInerney, a Yahoo board member and the former CFO of IAC/InterActive Corp., will lead the company to be renamed Altaba.
Current Yahoo CEO Marissa Mayer sent an employment offer letter to McInerney on Friday, offering a base annual salary of $2 million, plus an annual cash incentive worth up to 100% of his salary, if certain performance goals are met.
Long term incentives can push the total compensation package up by as much as $24 million.
McInerney, 52, will run a business that will include Yahoo’s stake in China’s e-commerce titan Alibaba, as well as Yahoo Japan.
Mayer’s own post-sale future remains up in the air, though she’ll no longer hold a seat on the board. She has previously expressed a desire to stay on at the company. If she is terminated, she'll walk away with a golden parachute severance package worth around $23 million, some $3 million of which she'll receive in cash, regulatory filings show.
On Monday, Yahoo filed a preliminary proxy statement with the SEC urging current shareholders to approve the Verizon transaction, which is currently valued at $4.48 billion.
The price is $350 million lower than was first agreed in July 2016, discounted following Yahoo’s disclosure that it had suffered two massive data breaches, one in 2013 and another in 2014.
Those breaches led Mayer to forego any annual equity award she might get for 2017. The Yahoo board also previously voted to withhold her 2016 annual bonus, usually around $2 million, for the same reason.