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Yahoo Inc (YHOO.O) said Monday 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.

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 on Monday.

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 35.5pc stake in Yahoo Japan.

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

Comments (5) Closed

AinOther Jan 10, 2017 05:59pm

Alas, Yahoo!

Princess_of_DHUMP Jan 10, 2017 08:47pm

@AinOther End of an era indeed!. People who learnt to use internet in 1999, 2000, 2001, 2002 can never forget mIRC, Yahoo Chat, MSN and Yahoo messengers.

Houlbelat Jan 10, 2017 11:10pm

Why not retain the address

Ali Jan 11, 2017 02:43pm

so many memories attached with mIRC, yahoo messenger etc.

Usman786 Jan 13, 2017 11:47am

feel sorry for her - beauty & brains combined