YAHOO Inc said Monday that it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc.
Yahoo has a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon for $4.83 billion.
The terms of that deal could be amended - or the transaction may even be called off - after Yahoo last year disclosed two separate data breaches; one involving some 500 million customer accounts and the second involving over a billion.
Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches.
Five other Yahoo directors would also resign after the deal closes, Yahoo said in a regulatory filing on Monday.
The remaining directors will govern Altaba, a holding company whose primary assets will be a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd and 35.5 percent stake in Yahoo Japan.
The new company also named Eric Brandt chairman of the board, effective Jan. 9.
Reuters
Tue Jan 10 2017
Marissa Mayer participates in a panel discussion at the 2015 Fortune Global Forum in San Francisco, California November 3, 2015. REUTERS / File
Lebanese search for dead in devastated villages as Israel withdraws
Hezbollah says Israel was still occupying Lebanese territory and put the onus on the Lebanese state to get Israeli forces out.
China promises Latin America 'trustworthy' ties as Trump lays out demands
Beijing looks to improve its foothold in a region historically under the US sphere of influence.
Major risks loom as Trump upends US Russia policy
Washington's approach changes dramatically with the initial meeting between US and Russian negotiators.
Pope Francis has double pneumonia, complicating his treatment, Vatican says
Doctors say a polymicrobial infection occurs when two or more micro-organisms are involved and can be caused by bacteria, viruses, or fungi.
Philippines' VP Duterte challenges impeachment before Supreme Court
Sara Duterte makes her first legal move to fight the case that could lead to her removal and lead to a lifetime ban from public office.
Motor racing - Hamilton steps out in red at unprecedented 10 team F1 launch
I feel so full of life, so much energy, because everything's new and I'm just focused on what is up ahead, Hamilton says.
UAE tells US' Rubio it rejects displacement of Palestinians
The UAE's stance matters as its one of four Arab nations that normalised ties with Israel during Trumps first term.
Taylor Swift wins recording artist of the year crown for fifth time
The megastar's "The Tortured Poets Department" record also topped four IFPI charts, the IFPI says.
More than $50 billion needed to rebuild Gaza, World Bank joint assessment says
Years of rebuilding work, including clearing unexploded ordinance and millions of tonnes of rubble lie ahead.
Malaysia’s AI data centre development to be impacted by recent US restrictions - Liew
Liew Chin Tong says the restrictions would not affect the development of the domestic data centre ecosystem as a whole.
Sweden's top court rejects Greta Thunberg lawsuit on climate action
A court cannot decide that the parliament or the government must take any specific action, the Supreme Court says.
![[COLUMNIST] Trump’s Gaza (pipe) dream](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-10/51728873693_EMIR.jpg "[COLUMNIST] Trump’s Gaza (pipe) dream")
[COLUMNIST] Trump’s Gaza (pipe) dream
The Gaza plan is dangerous and counter-productive as it's merely another recipe for regional instability.
Sivasangari eyes new career-high in world rankings
After climbing to a career-best world number seven, national women's squash ace S. Sivasangari is determined to keep rising.
Outburst against Steven Sim: DAP will probe if there's a complaint - Loke
DAP secretary-general Anthony Loke says the disciplinary committee has not received any reports related to the incident so far.
US judge will not block Elon Musk from firing federal workers, accessing data
The case raises questions about Musk's apparent unchecked authority as a top deputy to President Donald Trump.
Dozens of false killer whales stranded on remote Australian beach
Rescue crews trying to save the majority of the large dolphins that survived the ordeal, according to authorities.
Trump restricts AP access over Gulf of Mexico issue
The AP, citing editorial standards, says it would continue to use the gulf's established name.
China to fly back 200 nationals rescued from Myanmar scam centres, Thai official says
This is part of a multinational effort to crack down on illegal online operations run from the region.
Somber Tiger Woods back in action in TGL loss to New York GC
Tiger Woods makes his first start since the death of his mother when he competed in a TGL match at Palm Beach Gardens.
Brazil's ex-President Bolsonaro charged in alleged coup plot
A total of 34 people were charged, including several military officials.