Yahoo Will Soon be Renamed as Altaba, CEO Marissa Mayer to resign

Altaba: The popular Social site Yahoo is now to change its name to ‘Altaba.Inc’ after the company turns over its email, websites, mobile applications and advertising tools to Verizon. Yahoo will now adopt a new corporate identity to it and slash the size of its board if the proposed $4.8 billion sale of its digital services to Verizon Communications goes through. This company is now planning to change its name to AltabaInc. after the Verizon deal. The name is set to reflect Yahoo’s transformation into holding company for the investments in China related e-commerce leader Alibaba group and Yahoo Japan that are worth about more than $40 billion combined.

Yahoo Will Soon be Renamed as Altaba, CEO Marissa Mayer to resign

Yahoo Will Soon be renamed as Altaba, CEO Marissa Mayer to resign
Yahoo Will Soon be renamed as Altaba, CEO Marissa Mayer to resign

Marissa Mayer who is the Yahoo CEO, co-founder of David Filo and four other directors currently is on the company’s 11-member board, she is now resigning after the Company planned sale to Verizon closes. The Verizon is expected to retain Yahoo’s brand name under its own ownership. Bout, the deal with Verizon has been jeopardised by Yahoo after the recent discovery of two computer hacking attacks that stole personal information from more than 1 billion user accounts of the company during two different intrusions that occurred in 2013 and 2014 years for the company.

The Verizon is now reassessing whether it should renegotiate the prices of their sales or it should cancel the deal with the Company because of the loss of the personal information of the users. After the hacking revelations that could trigger a backlash among the Yahoo users that upset about the sensitive personal details being stolen the Verizon is now thinking twice to go for the deal or to renegotiate the prices to less than before offered price. In the change that took on Monday, Yahoo director Eric Brandt became the Company’s new Chairman and he replaces the position of Maynard Webb who became Chairman emeritus until the Verizon deal closes.

Brandt who is the present former chief financial officer of chipmaker Broadcom and joined Yahoo’s board 10 months ago. Maynard Webb had been Yahoo’s chairman for nearly four years. If the Verizon deal closes, Webb will leave the board along with Mayer, Filo and Eddy Hartenstein, Richard Hill and Jane Shaw.

Stay tuned for more news and updates about Altaba and Press CTRL+D to bookmark this page: FitNHit