Home > Technology > Yahoo to be re-named Altaba, Chief Executive Officer Marissa Mayer will step down

Yahoo to be re-named Altaba, Chief Executive Officer Marissa Mayer will step down

Written by Business World, on 10th Jan 2017. Posted in Technology

article headline

Yahoo Inc 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.

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% stake in Chinese e-commerce company Alibaba Group Holding Ltd and 35.5% stake in Yahoo Japan.

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

Source: www.businessworld.ie

About us

More articles from Technology

image Description

Elon Musk on mission to link human brains with computers

Read more
image Description

Most Irish businesses not prepared for new data protection laws

Read more
image Description

Irish event to showcase the importance of digital infrastructure

Read more
image Description

Yahoo's first quarter revenue jumps 22%

Read more


Latest News