Yahoo to change name to Altaba, CEO Mayer to leave board after Verizon sale

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

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

After the sale, the company will change its name to Altaba from RemainCo, Yahoo said in a regulatory filing on Monday. Altaba’s primary assets will be a 15 per cent stake in Chinese e-commerce company Alibaba Group and 35.5 per cent stake in Yahoo Japan.

The name is a combination of the words “alternate” and “Alibaba,” the Wall Street Journal said, citing a source familiar with the matter.

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 500 million customer accounts and the second involving more than a billion.

Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches.

Five other Yahoo directors would also resign after the deal closes, Yahoo said.

The new company also named Eric Brandt chairman of the board, effective Jan 9.

Courtesy : channelnewsasia