A new filing at the American SEC lays to rest speculations on whether the Verizon-Yahoo deal will fall/go through. Yahoo CEO Marissa Mayer will resign from the company’s board of directors once the $4.8b deal is completed. In a filing announced by Yahoo at the Securities and Exchange Commission (SEC) yesterday, Marissa Mayer, David Filo (Yahoo Co-founder) and four other board members will step down once the deal is ratified.
The other big announcement is that Yahoo will be renamed Altaba (i.e. the remaining entity once Verizon buys Yahoo’s core business) which consist of Alibaba and Yahoo Japan.
The resignations according to the filing says it is “not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices”, while the new board will consist of five members.
Marissa Mayer became Yahoo’s CEO in July 2012, a position she has held till date. She was hired to turn the fortune of the once $128b internet giant around but to no avail. Stocks continued to plummet while Yahoo continued to acquire services like Tumblr and Summly and again to no avail. From $128b a few years ago, Yahoo is now being sold for $4.8b.
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Paul Femi Balo is the founder and publisher of TechBooky. He covers artificial intelligence, African technology, digital infrastructure, enterprise technology and the global digital economy.
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