If $4.8 Billion Sale to Verizon Goes Through, Marissa Mayer Is Leaving Yahoo's Board
According to a Securities and Exchange Commission filing, Yahoo chief Marissa Mayer will leave the company's board if the tech giant's $4.8 billion acquisition by Verizon goes through.
Since Yahoo recently disclosed that 1 billion accounts were hacked in 2013, there have been rumors that Verizon would not go through with the deal. While the deal isn't complete and Verizon can still change the terms, the SEC filing at least suggests it is a go for the time being.
In addition to Mayer, several other board members—Yahoo co-founder David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw and Maynard Webb—are also leaving. A Yahoo rep declined to say whether Mayer will have a new position under a joint Verizon-Yahoo.
"In light of the fact that following the closing the company will operate as an investment company under the Investment Company Act of 1940, the board has determined that, immediately following the closing, the size of the board will be reduced to five directors," reads the SEC filing. "Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve as directors of the company following the closing, and Mr. Brandt will serve as Chairman of the Board. Each of David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb has indicated that he or she intends to resign from the board effective upon the closing."
The filing also discloses that the assets Verizon does not acquire (essentially a 15 percent stake in Alibaba and Yahoo Japan) will be renamed Altaba and exist as a separate company from Yahoo's core internet business, pending Verizon's acquisition.
Whether or not Verizon chooses to keep the Yahoo branding on services after the acquisition isn't clear, but it certainly seems to be the end of an era for the Yahoo name, which has been a digital pioneer and history-maker for 23 years.