Yahoo CEO Steps Down From Post Over Verizon Deal; Yahoo To Be Renamed Altaba
After a long time in the internet industry, Yahoo Inc. will shed its members off its board after Verizon deal of the company pushes through. Few board members will step down from there post, including Yahoo CEO Marissa Mayer and co-founder David Filo.
Wall Street Journal reports that on Monday, the Sunnyvale, California Company announced of its loss from a long time service in the internet business. The company will now be called "Altaba Inc.", from RemainCo as Yahoo said from their regulatory filling.
Altaba's name came from the combination of words "alternate" and "Alibaba", a person familiar with the matter said. Altaba's remaining assets includes the company's stake in Alibaba Group Holding. Ltd. And Yahoo Japan.
The news outlets further report that Eric Brandt, who joined the Sunnyvale-based company last March and is the former chief of financial officer of Broadcom Corp., will become the chairman of Altaba. According to Yahoo's filing, Brandt and four other directors, who are currently on the company's board will be joining him, including Thomas McInerny.
Meanwhile, Bloomberg reports that the moves would happen after the closing of roughly $4.8 billion sale to Verizon, which it has been endangered by two hacks of the company's user data. In the filing, Yahoo and Verizon could set renegotiations in place because of the hack.
However, when the second hack happened from 1 billion accounts last month, Verizon's trust from Yahoo has been shaken up again. This cause Verizon to reduce the acquisition price and by December last year, such reduction has been explored.
But when the acquisition pull through, six Yahoo directors will exit and leave their current positions, including Mayer and Filo. Marissa Mayer has been with the Sunnyvale Company since 2012, after a transition from Google. Mayer will still be a part of the company's post-acquisition.