Marissa Mayer resigns from Yahoo Board of Directors. After the deal with Verizon, the remaining company will be named Altaba.
Yahoo in anticipation of the retirement of Mayer is part of a broader restructuring. After completing the sale of its main assets to Verizon (VZ, Tech30) for $4.8 billion that remains of the Yahoo (YHOO, Tech30) will be effectively converted into an investment company called Altaba. It is significant that the company will be renamed Altaba, in accordance with the submission to the Commission on securities and stock exchanges.
The Board of Directors Altaba will shrink up to 5 people. Co-founder of Yahoo David Filo and Chairman Maynard Webb intends to retire. Meyer was General Director for Yahoo and has repeatedly stated his intention to stay in the company after a transition period with Verizon. "For me personally, I plan to stay," Mayer wrote in a Tumblr post at the time of purchase. "I love Yahoo, and I believe in all of you. It is important for me to see Yahoo in the next Chapter."
However, this all assumes that the deal with Verizon will actually happen, that remains an open question. The deal to sell Yahoo has suffered because of the 2 huge gaps in the security system. 1 billion user accounts were vulnerable. Verizon rumored to be revising the price of the deal and may cancel it completely. Verizon Execs have publicly stated that they are continuing to investigate the financial implications of violations Yahoo.
sections: World News, Economics