Ya­hoo to be named Altaba

Tempo - - News -

Ya­hoo Inc (YHOO.O) said Mon­day that it would re­name it­self Altaba Inc and Chief Ex­ec­u­tive Of­fi­cer Marissa Mayer would step down from the board after the clos­ing of its deal with Ver­i­zon Com­mu­ni­ca­tions Inc (VZ.N).

Ya­hoo has a deal to sell its core in­ter­net busi­ness, which in­cludes its dig­i­tal ad­ver­tis­ing, email and me­dia as­sets, to Ver­i­zon for $4.83 bil­lion.

The terms of that deal could be amended – or the trans­ac­tion may even be called off – after Ya­hoo last year dis­closed two separate data breaches; one in­volv­ing some 500 mil­lion cus­tomer ac­counts and the sec­ond in­volv­ing over a bil­lion.

Ver­i­zon ex­ec­u­tives have said that while they see a strong strate­gic fit with Ya­hoo, they are still in­ves­ti­gat­ing the data breaches.

Five other Ya­hoo di­rec­tors would also re­sign after the deal closes, Ya­hoo said in a reg­u­la­tory fil­ing on Mon­day.

The re­main­ing di­rec­tors will gov­ern Altaba, a hold­ing com­pany whose pri­mary as­sets will be a 15 per­cent stake in Chi­nese e-com­merce com­pany Alibaba Group Hold­ing Ltd (BABA.N) and 35.5 per­cent stake in Ya­hoo Ja­pan.

The new com­pany also named Eric Brandt chair­man of the board, ef­fec­tive Jan. 9.

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