Marissa Mayer to step down from Yahoo board

Yahoo is shaking up its board and name several months after Verizon agreed to buy parts of it.

The company is selling off much of its operations to Verizon, but the sale won’t include its cash pile, Yahoo Japan operations, Alibaba or its 3000 patents.

Now, a regulatory filing has revealed that the remaining company will be called Altaba Inc.

Yahoo CEO and president Marissa Mayer will be among several people stepping down from the board, the filing also revealed.

A name change and board shakeup is set for Yahoo, following its deal with Verizon

“In light of the fact that following the closing the company will operate as an investment company under the Investment Company Act of 1940, the board has determined that, immediately following the closing, the size of the board will be reduced to five directors,” read an excerpt on Yahoo’s website.

“Each of David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb has indicated that he or she intends to resign from the board effective upon the closing, and that his or her intention to resign is not due to any disagreement with the company on any matter relating to the company’s operations, policies or practices.”

The sale to Yahoo was announced in July 2016, in a deal valued at roughly US$4.8-billion. At the time of the announcement, Yahoo said that the remaining company would change its name and become a publicly traded investment company.

Featured image: Yahoo via Flickr