Marissa Mayer to leave Yahoo board

CEO and Wausau native one of five who will leave board after Verizon deal

(Reuters) – Sunnyvale, California-based Yahoo Inc. said Monday that it would rename itself Altaba Inc. and chief executive officer Marissa Mayer, a Wausau native, would step down from the board after the closing of its deal with Verizon Communications Inc.

Marissa Mayer, President and CEO of Yahoo, participates in a panel discussion at the 2015 Fortune Global Forum in San Francisco, California, U.S. November 3, 2015. REUTERS/Elijah Nouvelage/File Photo
Marissa Mayer, president and CEO of Yahoo. REUTERS/Elijah Nouvelage/File Photo

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.

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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.

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The new company also named Eric Brandt chairman of the board, effective Jan. 9.

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