Yahoo CEO Marissa Mayer will not be joining Oath, according to anonymous sources cited by Recode. Previously, Mayer had told employees that she intended to stay on post-merger. Under the terms of her contract, Mayer will get an exit package worth $23 million if she is terminated or quits for good cause following Verizon’s acquisition.
Reps for Yahoo and AOL did not respond to requests for information about Mayer’s status.
Armstrong posted a logo for the new company on Twitter Monday afternoon, with the message: “Billion+ Consumers, 20+ Brands, Unstoppable Team. #TakeTheOath. Summer 2017.” According to an AOL rep, the company will continue to use both the AOL and Yahoo brand names.
Armstrong’s tweet came after an earlier report about the new name by Business Insider.
[UPDATE, April 4: AOL has launched a new section of its website with information on Oath, which encompasses 25-plus brands of AOL and Yahoo. On Tuesday, an AOL rep explained the name in an email: “By definition, an Oath is a commitment. The name reflects who we are, what we stand for, and the promises we make to each other, our consumers, our customers and our partners.”]
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Verizon and Yahoo have said they expect the deal to close sometime in the second quarter, after initially targeting Q1. That was delayed after Yahoo disclosed two massive data breaches — one of which U.S. officials have traced to Russian spies — leading Verizon to reduce the purchase price by $350 million, to about $4.48 billion.
Per the terms of the original agreement, the deadline for the deal to close is April 24, 2017, but may be extended by three months, according to a Yahoo regulatory filing.
Word of the merged AOL-Yahoo’s new name immediately prompted snickering on social media, with some drawing comparisons to Tronc, the odd-sounding name Tribune Publishing adopted last summer.