Yahoo to rename as Altaba, CEO Mayer leaving board

Sun Online Desk

11th January, 2017 12:20:10 printer

Yahoo to rename as Altaba, CEO Mayer leaving board

Upon the closing of the $4.8 billion sale of Yahoo's operating business to Verizon, the remaining parts of Yahoo will be renamed to Altaba Inc as it begins its new direction as an investment company.


The company reduced to a five members’ board, according to a filing with the Securities and Exchange Commission.


The board members are-- Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney, and Jeffrey Smith. They will continue to serve as directors of the company with Brandt serving as chairman of the board.


Meanwhile, Yahoo confirmed on Monday that chief executive Marissa Mayer will quit the company's board after its merger with US telecom titan Verizon.


However, Mayer is expected to remain with Yahoo's core business as chief executive, which is being bought by the US telecom titan, AFP reports.


Yahoo is selling its internet operations as a way to separate that from its more valuable stake in Chinese internet giant Alibaba.


Yahoo co-founder David Filo and Mayer will be among those resigning from the board, according to the filing.


When asked what role Mayer will play after the merger with Verizon, the company referred AFP to a Tumblr post from July, after the deal to sell the company's core operations was announced.


"For me personally, I'm planning to stay," Mayer said in the post.


"It's important to me to see Yahoo into its next chapter."