Yahoo to change name after Verizon deal, Mayer steps down

A regulatory filing from Yahoo reveals that five Yahoo directors would also resign if and when the deal is finalised, while the remaining directors would oversee the new Altaba Inc firm. The ones that are to stay are namely Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith.

It’s very possible (and likely) that Verizon will reuse the Yahoo brand in the divisions of the company it now owns.

Last week, a senior Verizon executive who was instrumental in the telecom company’s planned purchase of Yahoo’s Internet business expressed doubts over the deal. Yahoo sought to make it clear that the departures of the six directors was not due to any disagreements or issues with its policies or operations.

It is now confirmed that after completion of the merger with Verizon, Yahoo’s CEO Marissa Mayer will quit the board.

More clues about how Yahoo’s cybersecurity problems will impact the sale are expected to come during Yahoo’s earnings call later this month.

To say Yahoo has had a rough go of it recently would be an understatement. While the deal isn’t complete and Verizon can still change the terms, the SEC filing at least suggests it is a go for the time being.

Further, Yahoo will rename its investment business Altaba Inc. Current CEO Marissa Mayer will be stepping down but will join Verizon. Altaba will be left with a 35.5% stake in Yahoo Japan, a 15% stake in Alibaba as well as a portfolio of patents under the Excalibur name.

The Yahoo-Verizon deal has been in danger of falling out after by two huge hacks of Yahoo’s user data. Mayer might leave but it is still unknown whether she will have some control over the company’s decision or not.

A Yahoo spokesperson declined to comment on Mayer’s future with the company.