Yahoo Inc is going to be renamed to Altaba Inc, and the Chief Executive Office Marissa Mayer is going to step down from the board, after the deal with Verizon Communications Inc. closes.
Yahoo sold its core internet business to Verizon in late 2016 for $4.83 billion. The deal included Yahoo’s advertising, email and media assets.
However, since the two different major data breaches, one involving over a billion customer accounts and the other with over 500 million customer accounts, the original could be changed, or even the deal can be called off.
Reuters reported that Verizon executives believe that Yahoo can be a strong strategic fit. They are also investigating the data breaches.
Yahoo said in a regulatory filing on Monday that apart from Marissa Mayer five other Yahoo directors will resign from their posts after the deal closes
The remaining directors will look over Altaba. The holding company’s prime assets will be a 15 percent stake in Alibaba Holding Ltd, Chinese e-commerce giant. And 35.5 percent stake in Yahoo Japan.
Eric Brandt is named as the new company’s chairman of the board which is effective from the 9th of January.