Yahoo Inc. said on Monday that it will cut down its board after completing acquisition deal with Verizon Communications Inc., it is reported also that several executives including Chief Executive Marissa Mayer and co-founder David Filo, will step down as directors.
After the sale of its core internet business, the company will change its name to Altaba Inc. from RemainCo, Yahoo said in a regulatory filing. Altaba’s remaining assets include Yahoo’s stake in Alibaba Group Holding Ltd. and Yahoo Japan. The name is a combination of the words “alternate” and “Alibaba,” a person familiar with the matter said.
Verizon was reportedly developing cold feet with the deal will go through after last months revelations of second breach of one billion accounts . The breaches could be a material event that would allow Verizon to change the terms of the deal, executives have said.
Ms. Mayer became CEO of Yahoo from Google in 2012 and is expected to remain with Yahoo once it becomes part of Verizon.
Adapted from the WSJ