2358981563422ba532414o100696376orig
Business Management

Yahoo will become Altaba, lose Mayer after Verizon buyout

Yahoo intends to change its name to Altaba once the sale of its internet portal to Verizon is completed. CEO Marissa Mayer and co-founder David Filo also will leave the company then, Yahoo said in a regulatory filing on Monday.

The changes are part of a $4.8 billion dollar deal signed in July 2016 to sell Yahoo.com to Verizon.

Once that deal is complete, Yahoo will become an investment company and the board will be reduced from 11 to five people. Altaba's main holdings will be stakes in Chinese e-commerce giant Alibaba and major Japanese Internet portal Yahoo Japan.

The deal with Verizon has been under a cloud since Yahoo disclosed two major breaches of its user database. The latest, which was disclosed in December 2016 but which happened three years earlier, involved the theft of details on a billion users. That makes it the largest internet data breach ever disclosed.

IDG Insider

PREVIOUS ARTICLE

« CyberPowerPC's Oculus-ready system costs $499 -- if you buy a Rift

NEXT ARTICLE

The Hub Robot will talk to your LG smart appliances »
author_image
IDG Connect

IDG Connect tackles the tech stories that matter to you

  • Mail

Recommended for You

How to (really) evaluate a developer's skillset

Adrian Bridgwater’s deconstruction & analysis of enterprise software

Unicorns are running free in the UK but Brexit poses a tough challenge

Trevor Clawson on the outlook for UK Tech startups

Cloudistics aims to trump Nutanix with 'superconvergence' play

Martin Veitch's inside track on today’s tech trends

Poll

Is your organization fully GDPR compliant?