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Yahoo to be named Altaba, Mayer to leave board after Verizon deal

tech Updated: Jan 10, 2017 10:02 IST
Yahoo

Yahoo has a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon for $4.83 billion.(Reuters file photo)

Yahoo Inc said Monday that it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc.

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

Read: Yahoo hack: Is it the worst cyber attack in history?

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.

Read: One billion Yahoo accounts hacked: Why should it worry you?

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 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd and 35.5 percent stake in Yahoo Japan. The new company also named Eric Brandt chairman of the board, effective January 9.