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Verizon completes purchase of Yahoo; Marissa Mayer leaves with nearly $260 million

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SUNNYVALE, Calif. — All of the websites owned by Yahoo are now officially part of Verizon.

And former Yahoo CEO Marissa Mayer, who famously left Google to take over the purple portal, is walking away from the company with a pretty sweet deal: Nearly $260 million.

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.

Yahoo stock was trading at about $52.50 midday Tuesday. So that makes Mayer’s equity holdings worth a little more than $236 million at current prices.

Mayer, who will not be sticking with Verizon now that Yahoo and its other digital media unit AOL are being combined under one operating unit called Oath, will also receive $23 million in severance payments.

Spokesmen for Yahoo and Altaba, the new company set up that includes shareholder stakes in e-commerce giant Alibaba, Yahoo Japan and other assets not sold to Verizon, were not immediately available for comment about Mayer’s compensation package.

Mayer’s tenure at Yahoo was tumultuous, and some would argue that she never lived up to the hype that accompanied her after her successful stint at Google.

The decision to buy blogging/social media site Tumblr for $1 billion didn’t pan out for Mayer and Yahoo.

Neither did Mayer’s attempts to focus Yahoo more on mobile and social media. Yahoo has also been plagued by concerns about massive data breaches.

But to be fair, Mayer wasn’t exactly dealt a great hand when she joined Yahoo. The company had been struggling for years because of mistakes made by former CEOs Terry Semel and Carol Bartz.

There was also the blink and you missed it tenure of Scott Thompson, a former PayPal executive who lasted only a few months as CEO at Yahoo in early 2012 before it was revealed he had numerous discrepancies on his resume.

And Mayer did wind up selling Yahoo’s core business to Verizon for $4.5 billion despite continued worries about the company slipping behind Google and Facebook in the digital ads race.