Verizon has closed its $4.48 billion acquisition of Yahoo, and Marissa Mayer is stepping down with $23 million

Yahoo CEO Marissa Mayer is stepping down.
Fortune/Business Insider

Verizon has officially closed its $4.48 billion purchase of Yahoo, the company announced Tuesday.

Marissa Mayer, who has been Yahoo’s CEO since 2012, will step down with a $23 million package.

Yahoo will be combined with AOL, which Verizon bought for $4.4 billion in 2015, into a new entity called Oath. However, the Yahoo and AOL consumer brands will remain. AOL’s CEO Tim Armstrong will be the CEO of Oath.

Oath is expected to lay off about 2,100 employees, or 15% of its workforce, now that deal is closed, TechCrunch first reported. Armstrong confirmed the layoffs to The Wall Street Journal.