Verizon to Lay Off 2,100 Employees After Finalizing Yahoo Deal -
By VINDU GOELJUNE 8, 2017
SAN FRANCISCO — Verizon plans to lay off 2,100 people once it completes its acquisition of Yahoo’s internet business on Tuesday.
The sting will be soothed a bit for some of the Yahoo employees who lose their jobs: A 10 percent surge
in the company’s share price on Thursday enhanced the value of their accumulated stock compensation.
The layoffs, which were described by a person briefed on Verizon’s plans, represent about 15 percent of the work force at Yahoo
and AOL, the Verizon unit with which it is to be combined.
Based on the increased stock price, Ms. Mayer will depart with $264 million for her five years of work at Yahoo, up from $239 million last Friday
After the deal’s close on Tuesday, the remainder of Yahoo will be renamed Altaba
and will hold the cash from the sale as well as Yahoo’s significant stock holdings in Alibaba Group and Yahoo Japan.
During the five years that Marissa Mayer, the chief executive, has led the company, its work force dropped by 46 percent.
