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TRADING & TECH
Marissa Mayer to leave Yahoo board
The company is expected to change its name to Altaba
January 10, 2017: Yahoo said that it will trim its board after completing its deal with Verizon Communications. Many directors, including chief executive Marissa Mayer and co-founder David Filo, are expected to step down.
After the sale of its core internet business, the company will change its name to Altaba from RemainCo (a temporary name that was given for the remaining portions of Yahoo). According to a report on WSJ, Altaba’s remaining assets include Yahoo’s stake in Alibaba Group Holding Ltd. and Yahoo Japan.
Eric Brandt, who joined Yahoo’s board last March and is the former chief financial officer of Broadcom Corp., will become chairman of Altaba, according to the filing. He will be joined by four other directors who are currently on Yahoo’s board, including Thomas McInerney, who was part of the independent committee of Yahoo directors running the auction process last year.
These developments are expected to take place after the closing of the roughly $4.8 billion sale to Verizon, which has been endangered by two huge hacks of Yahoo’s user data. In the filing, Yahoo said Verizon could terminate its purchase of Yahoo or renegotiate the terms because of the hacks.
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