Yahoo leftovers will be called Altaba, Marisa Mayer to resign

Last year in July, Verizon announced plans to acquire Yahoo's web business including search, news, finance, sports, video, email and Tumblr social network for $4.83 billion. However, there were some parts of business Verizon was not buying like Yahoo's stake in Alibaba Group Holding and Yahoo Japan, Yahoo's cash and more.

Now according to an SEC (Security and Exchange Commission) filing the part of Yahoo's business not being sold to Verizon will be renamed as Altaba, once the deal goes through. 

It's worth mentioning that Yahoo-branded web portal, email service, search service and news service will continue to exist, but will be combined with Verizon-owned AOL.

Moreover, CEO Marisa Mayer, co-founder David Filo and four other directors on the company's 11-member board will  resign from Yahoo and will not be part of Altaba's board. The remaining directors will govern Altaba whose primary assets include 15 percent stake in Alibaba worth about 35 billion, and 35.5 percent stake in Yahoo Japan.

All this will come into play, once Yahoo's deal with Verizon closes. According to reports the two recent major data breach that put more one billion Yahoo users accounts at risk has raised question whether Verizon will reconsider or renegotiate the terms of deals. 

Via