That’s how much Marissa Mayer, current CEO of Yahoo ($YHOO), will receive from Verizon ($VZ) after the latter absorbs the former later this year. Mayer, who was unable to turn Yahoo around and saw the company get hacked several times, already made hundreds of millions in compensation for her work. Upon her exit later this year, she will receive a combination of cash, stock, and other benefits totaling over $23 million. While you might wonder why Mayer is receiving a bonus despite Yahoo’s blunders and inability to exist anymore as its own entity, know that such things are written into her contract. Other C-level executives will be getting hefty severance packages, too, albeit for lesser values.
Goodbye to Gordmans
Gordmans ($GMAN), the Midwest retailer that sells pretty much everything, is going bankrupt. The company filed for Chapter 11 bankruptcy in Nebraska, and will liquidate their stores and distribution centers. As of right now, the company’s 106 stores are open and will operate, but likely not for much longer. The company is currently trading at nine cents a share.
NYC vs. Verizon
Verizon is facing a lawsuit from the entire city of New York. The city claims the company’s FIOS division failed to provide fiber optic internet “hooks” to all 8.5 million New Yorkers by 2014. Only around one-quarter of all households in New York have the option for fiber optic FIOS internet. Verizon, however, claims they fulfilled the contract with the city and met the minimum requirements. (As a New Yorker who only has access to sub-par Spectrum ($CHTR), I truly wish I had an option like FIOS.)