Yahoo To Be Renamed To Altaba, CEO Marissa Mayer To Resign

Those remaining on the Yahoo board include Eric Brandt, Tor Braham, Catherine Friedman, Thomas Mclerney, and Jeffrey Smith.

Yahoo says in the filing that none of the board members are resigning “due to any disagreement with the Company” over “operations, policies or practices”.

Yahoo CEO Marissa Mayer plans to step down from her company’s board after a planned acquisition by Verizon closes. According to a report in the Washington Post, Altaba is a combination of the words “alternative” and “Alibaba”.

The internet firm has sold its core digital service to Verizon, including its digital advertising, email, websites, mobile apps, and other media assets. Besides, five key members of board of directors including the company’s chief executive officer (CEO), Marrisa Meyer, have decided step down. Altaba is now just a holding company, which owns nothing more than stock and patents. Mayer has maintained that she hopes to stay with Yahoo’s core operating business (the part that’s going to Verizon) despite the sale of its core assets. At the time of the announcement, Yahoo said that the remaining company would change its name and become a publicly traded investment company. However, following the scandal of 500 million yahoo accounts being stolen, Verizon demanded for $1 billion discount, or the deal was off. Verizon is looking to further lower the purchase price amidst the serious user data breaches. Verizon executive vp Marni Walden, speaking last week at an investor conference in Las Vegas, said that the investigation into the hacks was ongoing.

Basically, if you’re still using an @yahoo.com address or like checking Yahoo Finance or Sport, there’s no need to worry. It remains to be seen whether their fortune is any different under Verizon.