Last week, it was announced that Yahoo would be purchased by Verizon for $5 billion.
CEO Melissa Mayer is expected to be ousted once the deal officially goes through, but what about the rest of Yahoo’s employees?
On Monday, Yahoo began to address employee concerns about the firm’s acquisition, reassuring current employees that there are no plans to cut jobs before the first quarter of next year, when the deal is expected to be completed.
Stock options for Yahoo employees will fully vest when the deal is finalized; workers will have 90 days to exercise their rights.
AOL, another recent Verizon acquisition, is expected to fully merge with Yahoo. Almost all Yahoo properties will transfer over to Verizon, including Tumblr, which Yahoo purchased for $1 billion in 2013.
The acquisition will also pose no imminent changes to current employment benefits, while all retained part-time and full-time employees will become direct employees of Verizon.
Yahoo has been careful to say that any potential layoffs after the transaction closes are “a decision for Verizon.”
If employees were to be laid off, severance benefits would be provided. Those who voluntarily choose to resign would not be given a benefits package.
In addition, tenure that current Yahoo employees have gained will not be restarted under the new plan.
The full FAQ for current Yahoo employees filed with the Securities and Exchange Commission (SEC) can be viewed here.
