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.
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.
In a Securities and Exchange Commission filing late today, Yahoo said the resignations are “not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
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.
“Altaba will not be an operating company and therefor there is very little for her to be involved in,” he said.
Luria theorized that Altaba, whose value is mostly made up of Yahoo’s Alibaba stake, will likely be unwound over time by selling the Alibaba and Yahoo Japan stakes to investors.
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Source: USA Today