Yahoo Tech giant to be renamed Altaba, Mayer to leave board after Verizon deal

Five other Yahoo directors would also resign after the deal closes, Yahoo said in a regulatory filing.

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Yahoo CEO Marissa Mayer. play

Yahoo CEO Marissa Mayer.

(AP Photo)

Yahoo Inc said  that it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc (VZ.N).

Yahoo has a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon for 4.83 billion dollars.

The terms of that deal could be amended – or the transaction may even be called off – after Yahoo last year disclosed two separate data breaches; one involving some 500 million customer accounts and the second involving over a billion.

Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches.

Five other Yahoo directors would also resign after the deal closes, Yahoo said in a regulatory filing.

The remaining directors will govern Altaba, a holding company whose primary assets will be a 15 per cent stake in Chinese e-commerce company Alibaba Group Holding Ltd (BABA.N) and 35.5 per cent stake in Yahoo Japan.

The new company also named Eric Brandt chairman of the board, effective Jan. 9.