Marissa Mayer is to step down from the board

Contradictory to some reports on Monday, the only part of Yahoo that will not be sold to Verizon will be renamed to “Altaba”.

Additionally, Yahoo CEO Marissa Mayer is to step down from the board, but will continue as the CEO of the company.

Verizon decided to buy the search engine of Yahoo and other web portals for about $4.83 Billions back in the month of July. The company’s shareholders held on to the Yahoo’s lucrative investments which includes a 36% stake in Yahoo, Japan and a 16% stake in Alibaba (a patent portfolio).

According to the SEC filing released on Monday, Yahoo will be known as Altaba and Yahoo CEO Marissa Mayer and other 5 other board members will resign from the company’s board.

Yahoo’s web portal, search engines and other email services will continue to exist but they all will be integrated with AOL, a Verizon-owned company.

Whereas the other brands of the company like, Yahoo Finance and Yahoo Sports, will not go away, mentioned the spokesman of AOL in July.

The Deal, which puts an end to Yahoo’s history as an independent company, still requires the approval from its regulators and is somehow expected to be finalized in the first quarter of the year 2017.

At the end of 2016, Yahoo revealed two separate unauthorized breaches compromised a total of 1 billion users, the largest single-company data breaches in history.

According to a New York Times report, security teams often butted heads with Mayer, who wanted to place emphasis on a cleaner UI for Yahoo’s users rather than beefing up security.

Yahoo revealed two separate the unofficial breaches compromised for a total of 1 billion users. The board resignation takes it all into the effect once the deal between Verizon and Yahoo closes.

It is yet not clear on what role Mayer will be on in case the Verizon deal gets completed. As, she mentioned she plans so as to stay on in the newly amalgamated company.

She posted on tumblr as well saying:

I’m planning to stay. It’s important to me to see Yahoo into its next chapter.

Once, Yahoo was one of the top search sites on the internet, whereas in the year of 1998, the company had a chance to buy a company worth for $1 Million, the company today, we know as Google.

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