SUNNYVALE, Calif., Jan. 9 (UPI) — If the sale of Yahoo to Verizon goes through, the Internet giant’s CEO will resign from its board of directors in a $4.8 billion deal that will also see the company change its name.
Marissa Mayer, Yahoo CEO since 2012, will step down from the resulting company’s board — along with company co-founder David Filo — according to a regulatory filing Monday.
The sale of Yahoo’s core operations, which don’t include its shares in Alibaba Group Holding Ltd. and Yahoo Japan, is not a given, however, partly because of persistent questions about data breaches announced last year that uncovered compromised user information, The Wall Street Journal reported Monday.
Also leaving the board of directors if the sale goes through are Chairman Maynard Webb and three others with ties to the company. The moves are part of a broad restructuring.
Verizon Communications is seeking to buy the web company’s core assets, but can still renegotiate terms of the deal or walk away altogether. Any deal would also need federal regulatory approval.
Monday’s filing with the U.S. Securities and Exchange Commission also revealed that Yahoo would change its name to Altbaba if the acquisition is completed. The resulting company would reduce its board of directors to just five members, the SEC filing said.