Yahoo! To change name, shrink board

FILE PHOTO - Marissa Mayer, President and CEO of Yahoo, participates in a panel discussion at the 2015 Fortune Global Forum in San Francisco

FILE PHOTO - Marissa Mayer, President and CEO of Yahoo, participates in a panel discussion at the 2015 Fortune Global Forum in San Francisco

Published Jan 10, 2017

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San Francisco - Yahoo! CEO

Marissa Mayer is among six directors who plan to leave the board of the

investment company that will be left after the closing of the proposed sale of

Yahoo’s main internet properties to Verizon Communications.

The new company, a

shareholder in Alibaba Group and Yahoo! Japan, will change its name to Altaba

and reduce its board to five members as it looks ahead to its next chapter with

fewer ties to the iconic brand, according to a filing Monday.

Yahoo agreed to sell its web

properties to Verizon in a deal valued at about $4.8 billion, though questions

have come up after Yahoo revealed two separate hacks of user data. The deal

came after Mayer failed to deliver on a turnaround attempt that began after her

arrival in 2012.

Read also:  Yahoo's profit beats estimates

“The end of the Marissa

Mayer era - it looks like her plan is to complete the sale of the operating

company to Yahoo and let the lawyers and tax accountants figure out the best

option for the stakes in Alibaba and Yahoo Japan,” said Paul Sweeney, an

analyst at Bloomberg Intelligence.

The directors who will

remain with Altaba after the closing of the Verizon sale are Tor Braham, Eric

Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. Brandt was

named the chairman Monday to help the company ease its transition to an

investment vehicle.

Others, including David

Filo, co-founder of Yahoo, and Maynard Webb, who had been chairman, intend to

leave after the planned sale of the web services to Verizon. Webb was named

chairman emeritus.

Read also:  2013 hack hit 1bn, Yahoo! admits

Board members departing

after the sale to Verizon said that “his or her intention to resign is not due

to any disagreement with the company,” Yahoo said in the filing.

While the deal with Verizon

followed months of negotiations with various parties, it has come under

pressure after Yahoo last month revealed a second major hack of user accounts.

Verizon began exploring a lower price or a possible exit from its purchase

agreement in the wake of the recent disclosure of one of the largest-scale data

breaches reported to date, Bloomberg reported at the time.

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