Yahoo to change name, trim board if Verizon Communications deal gets done

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San Francisco | Updated: January 10, 2017 6:01:14 AM

Yahoo will adopt a new corporate identity and cut the size of its board in half if the proposed $4.8 billion sale of its digital services to Verizon Communications goes through.

The company plans to change its name to Altaba Inc after it turns over its email, websites, mobile apps and advertising tools to Verizon. (Reuters)The company plans to change its name to Altaba Inc after it turns over its email, websites, mobile apps and advertising tools to Verizon. (Reuters)

Yahoo will adopt a new corporate identity and cut the size of its board in half if the proposed $4.8 billion sale of its digital services to Verizon Communications goes through.

The company plans to change its name to Altaba Inc after it turns over its email, websites, mobile apps and advertising tools to Verizon. CEO Marissa Mayer and four other directors currently on Yahoo’s 10-member board will resign after the planned sale closes.

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But the Verizon deal has been jeopardized by Yahoo’s recent discovery of two separate hacking attacks that stole personal information from more than 1 billion user accounts.

In the only change that took effect Monday, Yahoo director Eric Brandt became the company’s chairman. He replaces Maynard Webb, who becomes chairman emeritus until the Verizon deal closes.

Meanwhile, Yahoo Inc said Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc.

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

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

Verizon’s $4.83 billion deal for Yahoo’s core internet assets came under renewed scrutiny by federal investigators and lawmakers last month after Yahoo disclosed the largest known data breach in history.

Mayer said in July that she planned to stay at Yahoo through the transaction’s close.

Yahoo said the remaining company would be renamed Altaba Inc after the deal closes.

(With inputs from Reuters)

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