Marissa Mayer To Step Down As Yahoo CEO As The Company Renames To Altaba

As Yahoo is in the process of finalizing the deal to sell its e-mail, websites, mobile apps and advertising services to Verizon, it has announced that its Chief Executive Officer, Marissa Mayer, will not be on the board of a company that emerges from the $4.83bn takeover deal by Verizon.

Mayer is set to step down from her role once the deal is finalized. However, she is expected to remain with Yahoo's core business, though. It is not clear exactly what her role will be in the new company that emerges. Also, six other Yahoo directors will be leaving the company however, some members of the Yahoo board of directors are not leaving the company. Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will be remaining on the company's board of directors.

As part of the sale, Yahoo also announced a name change for the remaining company that holds a 15% stake in Alibaba and Yahoo Japan, it will now be known as “Altaba”. The name "Altaba" is said to be derived from the words "Alternate" and "Alibaba" meaning that Altaba's listed stock can now be tracked as an alternative to Alibaba since Yahoo (the remaining company after some assets sold to Verizon) owns a sizeable holding of the Chinese company owned by Jack Ma.

Along with Yahoo Mail, Verizon now gets Tumblr, Flickr, Yahoo Sports and Yahoo News which should prove somewhat easy to integrate with their AOL offerings.

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