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Tim Armstrong, the former CEO of AOL and, later, Oath, Verizon's media and advertising division, will receive a $ 60 million Verizon payment package, the Wall Street Journal reported Tuesday. .
The golden parachute follows the departure of Armstrong from the company in October. It includes $ 31.1 million in founders' bonuses and $ 16.6 million that it should receive in June, according to The Journal.
The Oath Business Unit, now called the Verizon Media Group, is a combination of technology and multimedia badets acquired during the acquisition of AOL in 2015 and Yahoo in 2017, and has experienced seismic changes during his year of existence.
In the fourth quarter of 2018, Verizon wrote about half of Oath's approximately $ 9 billion worth of value, citing competitive pressures in the digital advertising industry and an integration between Yahoo and AOL's having never allowed to get the expected benefits.
The integration of AOL and Yahoo has never been strong, because of this high turnover, according to former employees of Oath who spoke to Business Insider.
Read more: "I could not articulate the strategy": Insiders say that Verizon's marriage of Yahoo and AOL was doomed to failure
Previously, the company's management was a revolving door for executives, with three CFO changes and management positions left vacant. Armstrong has been with Verizon since acquiring AOL and helping to guide the acquisition of Yahoo. He was replaced by Guru Gowrappan, the former president of Oath and chief operating officer.
In November, Hans Vestberg, CEO of Verizon, reorganized the split business into two segments: Verizon Consumer Group, Verizon Business Group and Verizon Media Group. The company announced that 10,400 employees had accepted takeover bids and would leave the company in 2019.
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