Business & Tech

Yahoo CEO Marissa Mayer to step down from board, company to change name to Altaba

FILE - This Monday, July 25, 2016, file photo shows the Yahoo and Verizon logos on a laptop, in North Andover, Mass. Yahoo shares are sliding on worries that Verizon will walk away or cut the price on its $4.8 billion deal for the internet company’s digital operations. On Wednesday, Dec. 14, 2016, Yahoo revealed a massive hack of more than 1 billion user accounts after announcing a separate breach of 500 million accounts in September. (AP Photo/, File)

Elise Amendola/AP/File

Yahoo! Inc. Chief Executive Officer Marissa Mayer is among six directors who plan to leave the board of the investment company that will be left after the closing of the proposed sale of Yahoo’s main internet properties to Verizon Communications Inc.

The new company, a shareholder in Alibaba Group Holding Inc. and Yahoo! Japan, will change its name to Altaba Inc. and reduce its board to five members as it looks ahead to its next chapter with fewer ties to the iconic brand, according to a filing Monday.

Advertisement

Yahoo agreed to sell its web properties to Verizon in a deal valued at about $4.8 billion, though questions have come up after Yahoo revealed two separate hacks of user data. The deal came after Mayer failed to deliver on a turnaround attempt that began after her arrival in 2012.

“The end of the Marissa Mayer era -- it looks like her plan is to complete the sale of the operating company to Yahoo and let the lawyers and tax accountants figure out the best option for the stakes in Alibaba and Yahoo Japan,” said Paul Sweeney, an analyst at Bloomberg Intelligence.

Get Talking Points in your inbox:
An afternoon recap of the day’s most important business news, delivered weekdays.
Thank you for signing up! Sign up for more newsletters here

The directors who will remain with Altaba after the closing of the Verizon sale are Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. Brandt was named the chairman Monday to help the company ease its transition to an investment vehicle.

Others, including David Filo, co-founder of Yahoo, and Maynard Webb, who had been chairman, intend to leave after the planned sale of the web services to Verizon. Webb was named chairman emeritus.

Board members departing after the sale to Verizon said that “his or her intention to resign is not due to any disagreement with the company,” Yahoo said in the filing.

Advertisement

While the deal with Verizon followed months of negotiations with various parties, it has come under pressure after Yahoo last month revealed a second major hack of user accounts. Verizon began exploring a lower price or a possible exit from its purchase agreement in the wake of the recent disclosure of one of the largest-scale data breaches reported to date, Bloomberg reported at the time.

Yahoo! CEO Marissa Mayer in November.

Emma McIntyre/Getty Images/File

Yahoo! CEO Marissa Mayer in November.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.