Marissa Mayer to step down as Yahoo CEO. New CEO to make twice as much
As was expected, it was announced yesterday that Yahoo CEO Marissa Mayer would be stepping down from her position as Verizon is set to take over the company. Mayer was put in the unenviable position of trying to turn around an already failing company. While she made many bold moves, such as buying popular micro-blogging site Tumblr, fortune did not favor her in this endeavor due to the many security breaches Yahoo had under her watch. As was posted before, Mayer will be receiving a $23 million golden parachute with her departure.
In the new infrastructure, Mayer will be replaced by Thomas McInerney, the former chief executive of IAC. What’s making headlines about McInerney’s new position is that he’ll be reportedly making twice as much as Mayer did for half the amount of trouble. After the Verizon takeover is complete, McInerney’s responsibilities will more than likely be half that of Mayer since Verizon’s already existing corporate infrastructure will handle the brunt of Yahoo’s previous problems.
Is this some hyperbolic form of the gender wage gap in America? Is Verizon reinforcing the stereotypical tradition of the old boys network? Only time will tell.