Yahoo! to change name after Verizon deal closes
Yahoo! Inc. Chief Executive Officer Marissa Mayer is among six directors who plan to leave the board of the investment company that will be left after the closing of the proposed sale of Yahoo’s main internet properties to Verizon Communications Inc., Bloomberg reported.
Verizon agreed to purchase Yahoo’s assets and real estate for $4.8 billion last July. Following that acquisition, Yahoo’s investments in Alibaba Group and Yahoo Japan will remain, as will convertible notes and non-core patents. It’s those remaining parts, currently named RemainCo, that will operate as Altaba.
The new company, a shareholder in Alibaba Group Holding Inc. and Yahoo! Japan, will change its name to Altaba Inc. and reduce its board to five members as it looks ahead to its next chapter with fewer ties to the iconic brand, according to a filing Monday.
CEO Marissa Mayer will step down from the company’s board and joins five other directors in doing so. Others leaving include Maynard Webb, Yahoo co-founder David Filo, Eddy Hartenstein, Richard Hill, and Jane Shaw.
Last September, a hack exposed the personal data for 500 million Yahoo users. Three months later, the company again suffered a breach that exposed the data of 1 billion customers.
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