It’s time to say Goodbye to Yahoo. It’s official, unbelievable yet true.
Last Monday, Yahoo made it official in a public filing that the company will be named Altaba Inc and the CEO Marissa Mayer will resign from the board after the closing of its deal with the Verizon Communication Inc.
Yahoo has sold its core internet business including the email service, digital advertising, and other apps to the telecom titan Verizon for $4.8 billion in July 2016.
However, the terms of the deal might get amended or may even be called off, after the yahoo's recent discovery of data breach involving theft of personal information from one million users that occurred in 2013 and 2014. Though the investigation is in full-swing, Yahoo is still fighting hard to keep the deal intact.
When the deal closes, the company will be named Altaba Inc. Yahoo has not disclosed any information or reason on the new name of the company. But it is noted that ‘Altaba’ is phonetically similar as ‘Alibaba’ the Chinese e-commerce giant which is part-owned by Yahoo.
Today Yahoo (Altaba) holds a 15 percent stake of Alibaba, holdings that are worth over $35 billion and owns a 35.5 percent stake of Yahoo Japan.
The company also informed that the board would be reduced to five directors/members, consisting Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. The Former CEO Marissa Mayer, Co-Founder David Filo and four others have resigned from the board after the planned sale to Verizon.
The new company, named Eric Brandt, the chairman of the board, effective January 9, 2017.
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