Yahoo is no more

Yahoo is no more and its CEO, Marissa Mayer has resigned.

Mayer who recently received a $23 million ‘golden parachute’ for her work there, was CEO of Yahoo since 2012. According to recent filings with the Securities and Exchange Commission, Mayer owned about 4.5 million shares of Yahoo, including options and restricted stock units so with that, she’s walking away with nearly $260 million.

Verizon today announced that it has completed its $4.48 billion acquisition of Yahoo’s core internet business. The company plans to combine the acquisition with its AOL assets into a subsidiary called Oath. Oath, which houses more than 50 media and technology brands, is set to be led by Tim Armstrong who was the CEO of AOL before this.

Meanwhile, Yahoo’s remaining business which consists primarily of its stake in the Chinese e-commerce giant Alibaba and its partnership in Yahoo Japan, will continue to exist as a separate company renamed as ‘Altaba Inc‘, effective June 16. Altaba’s CEO is Thomas McInerney, who was the CFO of Barry Driller’s IAC. The company has also moved its headquarters to New York City.

All but five of Altaba’s board of directors will step down upon the conclusion of the deal, namely Eddy Hartenstein, David Filo, Jane Shaw, Richard Hill, Maynard Webb and of course, Marissa Mayer.

This move by Verizon is seen as a way of extending its reach to more consumers.