Approximately 2,000 Yahoo and AOL workers are expected to lose their jobs as Verizon trims expenses and eliminates overlapping positions, according to Tim Armstrong, who has been running AOL since Verizon bought that company for $4.4 billion two years ago.
Yahoo is now acquired by Verizon as the telecom giant finalized its $4.5 billion acquisition. In it, Mayer thanks Yahoo employees and lists various accomplishments in which she says Yahoo's team "rebuilt, reinvented, strengthened, and modernized" the company and its products.
Verizon has combined these assets with its existing AOL business to create a new subsidiary, Oath, a diverse house of more than 50 media and technology brands that engages more than a billion people around the world.
Marissa Mayer wrote in an email to her employees on Tuesday saying "Given the inherent changes to my role, I'll be leaving the company", She also added, "However, I want all of you to know that I am brimming with nostalgia, gratitude, and optimism".
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All of the websites owned by Yahoo are now officially part of Verizon.
The purchase of Yahoo's core Internet business is Verizon's ongoing play to sprawl its digital-media presence and break into the digital-advertising market, where it could become a No. 3 to the dominant duo of Google and Facebook.
Armstrong said, "We're building the future of brands using powerful technology, trusted content and differentiated data. We have been dominating the customer brands in news, finance, sports, tech, lifestyle and entertainment, along with our market leading platforms for advertising technology", he said.
She will take a compensation package presently worth around $127 million that includes severance pay and stock awards which will be fully conferred with the completion of deal.
Yahoo has also changed its trading name to Altaba Inc. In March, Yahoo said board member Thomas McInerney will serve as Altaba CEO.