If The Sale Goes Through, Yahoo Could Receive A New Name
According to CNN, if the sale of Yahoo goes through to Verizon, the media company could be receiving a new name… Altaba.
A company filing on Monday also revealed that should the sale to Verizon go through, Marissa Mayer will step down from Yahoo’s board of directors.
The resignation of Mayer is part of a restructuring for the company. Its core Internet assets have already been sold to Verizon for $4.8 billion. What remains of Yahoo will be converted effectively into an investment company for Alibaba holdings.
Hence the new name, Altaba, said the filling with the Securities and Exchange Commission.
After the transfer, Altaba will shrink its board to just five directors. Besides Mayer, Yahoo cofounder David Flo and chairman Maynard Webb also intend to step down from the board.
In the filing obtained by CNN, Yahoo says non of the board members are resigning “due to any disagreement with the Company” over “operations, policies or practices.”
Mayer will remain the CEO and intends to stay with the company at least through the transition period with Verizon.
“For me personally, I’m planning to stay,” Mayer wrote in a Tumblr post at the time of the acquisition, per CNN. “I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter.”
Of course none of this matters if the Verizon deal doesn’t go through.
The company announced the deal to sell itself last July and has since suffered two massive security breaches that impacted more than one billion user accounts. With those breaches Verizon has been rumored to be rethinking the price of the deal and could possibly scrap the whole thing altogether.
Verizon executives still publicly say they are investigating the full financial impact of those breaches.
“Unfortunately, I can’t sit here today and say with confidence one way or the other because we still don’t know,” Marni Walden, an executive VP at Verizon, said at an investor conference this month, per CNN.