It’s the end of an era.
Yahoo, which is currently in the midst of an acquisition by Verizon and following a pair of data breaches that exposed the information of over 1 billion customers, revealed via a new regulatory document filed today shows that Verizon’s acquisition of the company is moving closer to completion. Following the acquisition, Yahoo will change its name to Altaba and Marissa Mayer will step down.
Verizon has agreed to purchase Yahoo’s assets and real estate for $4.8 billion as of last July. Following that acquisition, Yahoo’s investments in Alibaba Group and Yahoo Japan will remain, as will convertible notes and non-core patents. It’s those remaining parts that will operate as “Altaba”.
Additionally, Altaba will operate as an investment company and the board will be reduced to five members: Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. Brandt will facilitate the transition and was named chairman today.
Yahoo CEO Marissa Mayer will also step down from her position and join five other directors in doing so. Others leaving include Maynard Webb, Yahoo co-founder David Filo, Eddy Hartenstein, Richard Hill, and Jane Shaw. Mayer was named CEO in 2012, coming over from Google.
It’s unclear as to exactly when the acquisition will be complete. Yahoo noted in the filing that the departures are “not due to any disagreement with the company on any matter relating to the company’s operations, policies, or practices.”
The “Yahoo!” name, once among the ultimate tech legacies of the 1990’s, will go the way of the dodo, perhaps with the hope that the new name will create more trust among industry peers and potential customers in the future.
Stay tuned for additional details as they become available.
Via 9to5Mac and the Wall Street Journal