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Yahoo to be named Altaba, chief Marissa Mayer to leave board

REUTERS, Jan 10: Yahoo said Monday that it would rename itself Altaba and CEO Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications.

Yahoo has a deal to sell its core Internet business, which includes its digital advertising, email and media assets, to Verizon for US$4.83 billion.

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 500 million customer accounts and the second involving more than 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 per cent stake in Chinese e-commerce company Alibaba Group and 35.5 per cent stake in Yahoo Japan.

The new company also named Eric Brandt chairman of the board, effective Jan 9.

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