Yahoo to be renamed Altaba after Verizon deal, CEO Marissa Mayer to resign

Yahoo to change its name to Altaba Inc after it turns over its email, websites, mobile apps and advertising tools to Verizon.

By: AP | Updated: January 10, 2017 12:00 pm
Yahoo, Marissa Mayer. Yahoo Verizon deal, Verizon Yahoo deal, Yahoo CEO, Yahoo new name, Altaba, Yahoo Altaba, Altaba Yahoo, Yahoo news, Verizon news, Tech news Yahoo to change its name to Altaba Inc after it turns over its email, websites, mobile apps and advertising tools to Verizon. Marissa Mayer, President and CEO of Yahoo (File/Reuters)

Yahoo will adopt a new corporate identity and slash the size of its board 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. The new name is meant to reflect Yahoo’s transformation into a holding company for investments in China’s e-commerce leader, Alibaba Group, and Yahoo Japan that are worth about more than $40 billion combined.

Yahoo CEO Marissa Mayer, co-founder David Filo and four other directors currently on the company’s 11-member board will resign after the planned sale to Verizon closes. Verizon is expected to retain Yahoo’s brand under its ownership.

But the Verizon deal has been jeopardized by Yahoo’s recent discovery of two computer hacking attacks that stole personal information from more than 1 billion user accounts during two different intrusions that occurred in 2013 and 2014.

Verizon is reassessing whether it should renegotiate the sales price or perhaps cancel the deal light of hacking revelations that could trigger a backlash among Yahoo users upset about sensitive personal details being stolen. Yahoo is fighting to keep the deal intact.

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.

Brandt, the former chief financial officer of chipmaker Broadcom, joined Yahoo’s board 10 months ago. Webb had been Yahoo’s chairman for nearly four years. If the Verizon deal closes, Webb will leave the board along with Mayer, Filo and Eddy Hartenstein, Richard Hill and Jane Shaw.

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  1. B
    Burn
    Jan 10, 2017 at 4:22 am
    OMG! What about all those patriotic Indians who said they will never use toilets ever if they have to use Chinese made toilet papers. Now have to switch email servers because Alibaba has bought yahoo?
    Reply
    1. U
      Unknown Indian
      Jan 10, 2017 at 4:38 am
      Yahoo is dealing with Verizone not with Alibaba.. make facts clear then speak
      Reply
      1. L
        Lionel
        Jan 10, 2017 at 2:57 am
        Sad to see a veteran bow down to age and compeion. Had they kept up the pace of innovation in the tech space they would have survived longer.
        Reply
        1. M
          manu
          Jan 10, 2017 at 9:32 am
          only ancient people use yahoo!
          Reply
          1. V
            Vivek narain
            Jan 10, 2017 at 3:54 am
            Jewish software corporates will overwhelm others.
            Reply
            1. R
              Rajiv Shori
              Jan 10, 2017 at 6:34 am
              Yahoo will adopt a new corporate ideny and slash the size of its board if the proposed $4.8 billion of its digital services to Verizon Communications goes through.
              Reply
              1. N
                Nathan
                Jan 10, 2017 at 3:48 am
                YAHOO MUST HAVE BECOME DEFUNCT YEARS BEFORE. THEY FAILED TO lt;br/gt;MAKE TECHNOLOGICAL ADVANCEMENTS LIKE GOOGLE. NOW DATA BREACH HAS ALSO OCCURRED. IT IS WONDERING HOW THE COMPANY SURVIVED THIS LONG.
                Reply
                1. V
                  Vicoturmeric
                  Jan 10, 2017 at 10:21 am
                  OMG! You have no idea who built the email itself.. LOL
                  Reply
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