Yahoo CEO Marissa Mayer to Leave Board after Verizon Deal; Yahoo to be Renamed ‘Altaba’

Posted on by Amandeep Singh

Yahoo Renamed Altaba: Yahoo confirmed on Monday that chief executive Marissa Mayer will quit the company’s board after its merger with Verizon. Mayer is expected to remain with Yahoo’s core business, which is being bought by the US telecom titan. Yahoo is selling its internet operations as a way to separate that from its more valuable stake in Chinese internet giant Alibaba.

Only the investment part of Yahoo will be renamed ‘Altaba’, while the main brand will retain its name, reported The Guardian. The share-tending entity, to be renamed Altaba, Inc., will act as an investment company with its board reduced to five members, according to a filing with the Securities and Exchange Commission.

Yahoo Renamed Altaba and Marissa Mayer to be removed from the Board

Yahoo co-founder David Filo and Mayer will be among those resigning from the board, according to the filing.

What’s the new deal between Yahoo & Verizon and the new terms after Yahoo renamed Altaba?

The terms of that deal could be amended—or the transaction may even be called off – after Yahoo last year disclosed two separate data breaches; one involving some 500 million customer accounts and the second involving over a billion.

Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches. Five other Yahoo directors would also resign after the deal closes, Yahoo said in a regulatory filing on Monday.

The remaining directors will govern Altaba, a holding company whose primary assets will be a 15% stake in Chinese e-commerce company Alibaba Group Holding Ltd and 35.5% stake in Yahoo Japan. The new company also named Eric Brandt chairman of the board, effective 9 January.

Yahoo Renamed Altaba and Marissa Mayer to be removed from the Board

What the Yahoo Company said for Mayer’s news resignation from Board?

When asked what role Mayer will play after the merger with Verizon, the company referred AFP to a Tumblr post from July, after the deal to sell the company’s core operations was announced. “For me personally, I’m planning to stay,” Mayer said in the post.”It’s important to me to see Yahoo into its next chapter.” Mayer remains chief executive at Yahoo.

In the mid-1990s, Yahoo was among the most popular destinations on the internet, helping many people navigate the emerging web. It became the top online “portal,” connecting users to news, music and other content. But its fortunes started to fade when Google began to dominate with its powerful search engine.

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