Yahoo Inc. Chief Executive Marissa Mayer is set to reap some $187 million from her shareholdings as a result of the internet company’s sale of its core business to Verizon Communications Inc., according to securities filings.

The hefty payout comes despite Ms. Mayer’s inability to accomplish what she was hired to do five years ago: revitalize the fading internet icon after its struggles with high employee and executive turnover and declines in ad revenue.

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