Company - - Jan 10,2017
Yahoo announced on Monday that the company would be renamed Altaba after the closing of the deal with Verizon Communications.
Yahoo Inc. confirmed on Monday that it will trim down the managing board after the completion of Verizon deal. This decision includes several longtime directors, primarily Chief Executive Marissa Mayer and co-founder David Filo, who will bow out as directors.
According to reports, six Yahoo directors will be leaving after the Verizon takeover, including Ms. Mayer, Mr. Filo along with Maynard Webb Jr. The other prominent names include Jane Shaw, a former pharmaceutical industry executive and media executive Eddy Hartenstein and Richard Hill.
Yahoo’s deal to sell its root internet business includes its media assets, digital advertising and email to Verizon for a value of $4.83 billion.
Once the deal connected to the internet business concludes, the company will rename itself to Altaba Inc. from RemainCo. Altaba’s remaining assets cover Yahoo’s stake in Alibaba Group Holding Ltd. as well as Yahoo Japan. The new name signifies the words “alternate” and “Alibaba,” as per sources.
In the regulatory filing, Yahoo announced that the remaining directors will manage the operations of Altaba.
Eric Brandt, a former chief financial officer of Broadcom Corp. who was enrolled into Yahoo’s board last March will become the chairman of Altaba, as mentioned in the filing.
However, the Verizon deal is at risk due to the two heavy hacking incidents of Yahoo’s user data. As per executives, the breaches could turn up as a crucial event that would allow Verizon to transform the terms of the deal.
Also, in the filing, Yahoo stated Verizon could terminate the purchase or renegotiate the terms due to the hacking event.