After Yahoo’s US $4.83 billion sale to Verizon, Yahoo’s CEO Marissa Mayer will resign from Yahoo’s board with immediate effect.
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.
Well, when Verizon announced to buy Yahoo, it only bought Yahoo’s core online business which included online advertising, email and media business. What remained with Yahoo was identify with Alibaba, the Chinese internet giant whose 15% stock it owns.
The name sounds like a mix of Altavista (one of the earliest search engines on the web) and Alibaba (an Amazon.com competitor, which Yahoo owns 15%). And finally we need to say goodbye to Yahoo and say hello to Altaba. Yahoo was indeed a phrase which we said when we were happy but now it’s no more a company. It’s the end of an era, Yahoo, as we know it is no more.
Yahoo Inc has indicated the changes it will be making following the closing of the sale of Yahoo to Verizon. Five directors, Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve on the board. David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb have indicated that they will be resigning. Everyone who is leaving the board has indicated that their resignation is not due to disagreements with the company, or any matter relating to the policies and operations of Yahoo.