Ya­hoo names post-spinoff man­age­ment team

New Straits Times - - Business World -

WASH­ING­TON: Ya­hoo said on Mon­day board mem­ber and for­mer In­ter­net ex­ec­u­tive Thomas McIn­er­ney would lead the busi­ness that re­mains af­ter the sale of its core as­sets to Ver­i­zon is com­pleted.

The In­ter­net pioneer said the sale of its main op­er­at­ing unit was on track to be com­pleted in the sec­ond quar­ter, and that McIn­er­ney would head the fi­nan­cial hold­ing com­pany that re­mains, pro­vi­sion­ally called “Altaba”.

The main hold­ing of Altaba would be its stake in Chi­nese In­ter­net gi­ant Alibaba, which is worth far more than the rest of the Ya­hoo op­er­a­tions.

“To­day’s fil­ing rep­re­sents an im­por­tant step for­ward in the process of com­plet­ing our trans­ac­tion with Ver­i­zon,” said Ya­hoo in a state­ment.

The state­ment noted that Ya­hoo chief ex­ec­u­tive Marissa Mayer and chief fi­nan­cial of­fi­cer Ken­neth Gold­man would re­main in their posts prior to the clos­ing.

If Mayer is fired with­out cause from Ya­hoo af­ter the ac­qui­si­tion by Ver­i­zon is com­pleted, she will be en­ti­tled to a “golden para­chute” worth US$23 mil­lion (RM102.3 mil­lion) — slightly more than US$3 mil­lion of it in cash and the rest in stock, ac­cord­ing to a fil­ing on Mon­day with the United States Se­cu­ri­ties and Ex­change Com­mis­sion. AFP

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.