Yahoo to Change Its Name to ‘Altaba’, CEO to Step Down
Yahoo confirmed on Monday that Chief Executive Officer, Marissa Mayer will quit the company’s board after its merger with Verizon.
Mayer is expected to remain with Yahoo’s core business, which is being bought by the US telecom giant.
Yahoo is selling its internet operations as a way to separate that from its more valuable stake in Chinese internet giant Alibaba.
The share-tending entity, is reportedly to be renamed Altaba, Inc. It will act as an investment company with its board reduced to five members, according to a filing with the Securities and Exchange Commission.
Yahoo co-founder David Filo and Mayer will be among those resigning from the board, according to the filing.
When asked what role Mayer will play after the merger with Verizon, the company referred AFP to a Tumblr post from July, after the deal to sell the company’s core operations was announced.
“For me personally, I’m planning to stay,” Mayer said in the post.
“It’s important to me to see Yahoo into its next chapter.”