Yahoo is going to be renamed to Altaba following Verizon acquisition, Marissa Mayer to resign from board

In an SEC filing, Yahoo Inc has indicated the changes it will be making following the closing of the sale of Yahoo to Verizon. Five directors, Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve on the board. David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb have indicated that they will be resigning. Everyone who is leaving the board has indicated that their resignation is not due to disagreements with the company, or any matter relating to the policies and operations of Yahoo.

Eric Brandt is the now the Chairman of the board, and Webb is the Chairman Emeritus of the board, even though his resignation is imminent. Marissa Mayer is still the CEO of the company, for now. After the closing of the sale, Yahoo will be renamed to Altaba. According to a report in the Washington Post, Altaba is a combination of the words “alternative” and “Alibaba”. Yahoo owns a significant stake in Alibaba, a Chinese online marketplace company.

 In July 2016, Verizon moved to acquire Yahoo for $4.83 billion. In September 2016, Yahoo revealed that 500 million user accounts were compromised in an incident that took place back in 2014. There was speculation that the revelation would cost Yahoo the deal it had made with Verizon. Verizon representatives said that the deal still made sense to the company, but asked Yahoo to provide more information of the security breach. In December, Yahoo announced that it had uncovered yet another security breach, one where over a billion accounts were compromised, in 2013.

Verizon had tried to renegotiate the terms of the sale, and had pressed for a $1 billion discount. It was earlier reported that the Yahoo’s 15 percent of Alibaba, worth $31 billion was not a part of the deal. Yahoo Japan Corp, Yahoo Cash, a portfolio of minority investments, and the non-core patents owned by Yahoo are also not part of the deal. Yahoo was required to make a name change after the acquisition.

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