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Yahoo CEO Marissa Mayer Resigns as Verizon Closes $4.5 Billion Deal

The executive was at the helm of the internet giant since 2012

Marissa Mayer has resigned as the Chief Executive Officer of Yahoo. She held the position for five years and will walk away with a $23 million package.

The move comes in conjunction with Verizon’s $4.5 billion acquisition of Yahoo closing. The deal has been in the works for the past year and was approved by shareholders last week.

“It’s been my great honor and privilege to be a part of this team for the last 5 years,” said Mayer in an open letter to Yahoo employees. “Together, we have rebuilt, reinvented, strengthened, and modernized our products, our business, and our company.”

Mayer did not announce her next move.

Mayer’s departure had been anticipated with the pending buyout of Yahoo. The deal will merge Yahoo with Verizon’s AOL under a new banner, Oath, and will be headed by AOL CEO Tim Armstrong. The new conglomerate will oversee several websites, including TechCrunch, Huffington Post, and Moviefone.

Yahoo’s performance under Mayer was uneven: while the company’s share price more than tripled since she took the reins in 2012, Yahoo struggled to leverage its billion monthly users into ad revenue and search traffic.

The company was also the victim of two major hacks, with more than a billion accounts compromised. Verizon knocked off $350 million from its purchase price of Yahoo after the second hack was revealed.

You can read Mayer’s full letter on Tumblr.