Yahoo renames as Altaba after $4.8 Verizon deal, concurrently Marissa Mayer resigns

Yahoo renames Altaba

Yahoo was in the news this week as the company planned to change its name to Altaba after the $4.8 Verizon deal. At the same time, the company’s CEO Marissa Mayer has announced to resign from the company.

It’s been a great headline from last few days that the company is selling itself to Verizon but it’s not actually like that, only some of the services are being sold which includes Yahoo’s consumer web business, Yahoo Mail and Sports.

Now Yahoo announced its new name as ‘Altaba’ in an SEC filling on Monday. Moreover, the company also stated that, after the sale, the remaining company will have a smaller board and David Flio, Co-Founder of Yahoo will also leave the board.

After the sale, Yahoo will be left behind with 15% of Chinese retail giant Alibaba and a part of Yahoo Japan. And hence the company will be named as Altaba. It is well known that ‘Yahoo’ is very familiar name for all the users on internet which was given by its founders, Jerry Yang and David Flio in 1994. Yahoo also announced that some of its board members will not be there anymore with the company. Marissa Mayer and David Flio will resign soon from the company.

Furthermore, Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jefferey Smith are the new directors of Altaba and Brandt will serve as Altaba’s Chairman. Now, the company is all set to be known as Altaba with its new board members.

Via: Business Insider

Content Writer

Leave a Reply

Your email address will not be published. Required fields are marked *