Marissa Mayer to Resign From Yahoo Board After Sale
The remaining investment company will be renamed Altaba Inc.
As Yahoo takes steps to sell its core internet business to Verizon, the company is revealing its plans for its remaining investment company.
In a regulatory filing published Monday, Yahoo disclosed that CEO Marissa Mayer, chairman Maynard Webb, co-founder David Filo and three other board members will resign from their positions. That will shrink the board to five members.
Further, Yahoo will rename its investment business Altaba Inc. That business will primarily consist of Yahoo's investment in China's Alibaba Group.
As of Monday, Webb has become chairman emeritus and board member Eric Brandt the new chairman.
Yahoo announced in July its plan to sell its core internet assets to Verizon for $4.8 billion. The sale has been held up by the disclosure of two large hacks on Yahoo's user base. Verizon executive vp Marni Walden, speaking last week at an investor conference in Las Vegas, said that the investigation into the hacks was ongoing. "Unfortunately, I can't sit here today and say with confidence one way or another, because we still don't know," she added at the Citi Technology, Media and Telecommunications confab.