Mayer will also get a severance package worth $23 million. Former IAC CFO Thomas McInerney will become the new CEO.
Marissa Mayer will be replaced as Yahoo's CEO after Verizon's acquisition of the company closes, Yahoo announced in a regulatory filing Monday.
Mayer will receive a severance package worth about $23 million, the filing says.
Yahoo's new CEO will be Thomas J. McInerney, the former CFO of IAC. Yahoo's CFO Ken Goldman will also step down after the sale closes. He'll be replaced by Alexi Wellman. Wellman is currently Yahoo's global controller.
Mayer and Goldman will continue to serve as CEO and CFO, respectively, until the deal closes.
Previously, Yahoo, which will change its name to Altaba under Verizon, announced that Mayer would step down from the company's board after the sale to Verizon.
It's unclear if Mayer will stay on at Yahoo in any capacity after she steps down from the CEO role. Business Insider has reached out to Yahoo for comment.
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