Baku, January 10 AZERTAC
Yahoo CEO Marissa Mayer, co-founder David Filo and others plan to resign from the company's board when it completes its $4.8 billion sale to Verizon.
According to USA Today, the high-profile Mayer, who was brought in to save the Internet icon in 2012; Filo, who co-founded the company at Stanford University in 1994; board chairman Maynard Webb; and three others are departing. It is unclear, however, if Mayer will remain in some capacity.
Eric Brandt, a new member of Yahoo's 11-member board, was named chairman immediately.
The filing also said the company would be renamed Altaba after the Verizon deal closes.
Meyers absence from the new company's board is not surprising at all, said Gil Luria, managing director for equities research at Wedbush Securities in Los Angeles.
The Yahoo-Verizon deal has been star-crossed since it was announced in July 2016.
Last week, a senior Verizon executive who was instrumental in the telecom company's planned purchase of Yahoo's Internet business expressed doubts over the deal, the second top exec to raise the specter of a changed or abandoned takeover.