Yahoo CEO Marissa Mayer plans to step down from her company’s board after a planned acquisition by Verizon closes.
Yahoo, which announced the board shakeup in a regulatory filing on Monday, said fellow directors including co-founder David Filo and chairman Maynard Webb would also resign their board seats.
The board shakeup involves the company that would hold Yahoo’s investments, primarily Chinese e-commerce giant Alibaba and a stake in Yahoo Japan. That company would be known as Altaba.
Telecom giant Verizon said in July that it would acquire the remaining business, Yahoo’s web portal, for $4.8 billion as part of an effort to beef up its online and mobile ad businesses. But since then, Verizon’s executives have hedged about the price after Yahoo disclosed a massive hacking of its users’ information that raised questions about whether it had notified users about the breaches quickly enough.
In the filing, Yahoo said that the board resignations are “not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices.”
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Other Yahoo board members Eddy Hartenstein, Richard Hill, and Jane Shaw also plan to resign after an acquisition, Yahoo said. Five remaining directors will remain on the board: Tor Braham, Catherine Friedman, Thomas McInerney, Jeffrey Smith, and Eric Brandt, who will serve as chairman.