[1/9/17] It could be the end of an era for the internet.
Yahoo has revealed it plans to change its name to Altaba, while beleaguered boss Marissa Mayer will leave, if the firm is bought by Verizon.
The SEC filing has revealed the firm’s plans – despite ongoing concerns the recent revelation user’s accounts were hacked could scupper the $4.8bn deal.
Mayer, along with Yahoo cofounder David Filo and four other members of the board will step down after the deal closes, Yahoo said.
Verizon is acquiring Yahoo’s operating business under the proposed transaction, while Yahoo’s remaining business, which consists primarily of its stake in Chinese ecommerce giant Alibaba and its partnership in Yahoo Japan, will continue to exist as a separate company.
The board resignations announced on Monday refer to the remaining investment company that’s not going to Verizon, and which will be renamed ‘Altbaba,’ the company said.
Mayer’s resignation from the new board is ‘not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,’ the filing says.