Yahoo to change its name to Altaba with CEO Marissa Mayer leaving the board.
The company will be renamed Altaba Inc after closing its US$4.8 billion sales to Verizon, as it begins its new direction as an investment company.
Yahoo Inc. said Monday it will cut down its board after completing its deal with Verizon Communications Inc.
Several longtime directors, including Chief Executive Marissa Mayer and co-founder David Filo, are to step down as directors. Also out are Eddy Hartenstein, Richard Hill, Jane Shaw, and Maynard Webb.
After the sale of its core internet business, the company will change its name to Altaba Inc. from RemainCo, they said in a regulatory filing.
Yahoo is the second Web giant that Verizon has sought to buy. In 2015, Verizon paid $4.4 billion for AOL.
The planned takeover isn’t going smoothly. At one point, shortly after what looked like a major state-sponsored hacking attack on Yahoo, Verizon was reportedly getting cold feet about its proposed purchase.
Although Mayer won’t be on the team overseeing the Altaba investments, it isn’t clear if she’ll have a future with Verizon. Previous agreements call for Mayer to get $55 million if she’s ousted.
While the deal with Verizon followed months of negotiations with various parties, it has come under pressure after Yahoo last month revealed a second major hack of user accounts.
With its name changed and downsizing of its board to five members, Yahoo said it’s looking ahead to its next chapter with fewer ties to its iconic brand.