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Verizon as anticipated on Tuesday sealed the deal with regard to its acquisition of Internet pioneer Yahoo. After gaining shareholder approval last week, the nation’s largest wireless carrier today finalized the purchase which sent former Yahoo CEO Marissa Mayer packing.
As has been previously reported, Verizon intends to consolidate what’s left of AOL and Yahoo and form a new entity called Oath. According to recent estimates, as many as 2,100 people could soon be out of a job.
It’s been nearly five years since Yahoo took a gamble and hired former Google employee Marissa Mayer to lead the ship. Many will pin Yahoo’s shortcomings on Mayer’s leadership decisions but in reality, the task of turning around a company that had fallen so behind the times was incredibly daunting.
Despite being acquisition-happy, Mayer was willing to pull the cord on several products that were well past their prime, helped rebuild their advertising business, improved its website and mail systems and sent share values on a trip north in which they recently hit a 17-year high. Yet again, achievements like those will likely be forgotten as people focus on the negative such as the massive security breaches that took place under her watch
With Mayer now out of the picture, Oath will be led by former AOL CEO Tim Armstrong.