Yahoo to change its name to Altaba after Verizon sell-off

CEO Marissa Mayer and founder David Filo will both step down

A filing at the US Securities and Exchange Commission (SEC) has revealed Yahoo plans to change its name to Altaba following the completion of its buy-out by US telecommunications company Verizon. However, sources said many of its products, including Yahoo Mail, its search engine, apps and fantasy sports apps, will keep the Yahoo brand.

Other major changes to the company's structure include the resignations of CEO Marissa Mayer and founder David Filo with three other board members, according to the notice posted on the authority's website.

"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," the SEC filing said.

"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, and that his or her intention to resign is not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices."

Advertisement - Article continues below
Advertisement - Article continues below

Yahoo sold its core internet business, which includes its email, websites and apps, formerly known as RemainCo, to Verizon for $4.83 billion (3.97 billion) last year. It's thought the deal will close in the coming weeks, which is why the changes to its structure have been announced.

There's still some scepticism that the acquisition will go ahead following the revelation of two serious data breaches at Yahoo over the last 12 months. However, neither company has revealed whether the hacks would affect the purchase and this latest news would seem to confirm it will go ahead as planned.

Featured Resources

What you need to know about migrating to SAP S/4HANA

Factors to assess how and when to begin migration

Download now

Your enterprise cloud solutions guide

Infrastructure designed to meet your company's IT needs for next-generation cloud applications

Download now

Testing for compliance just became easier

How you can use technology to ensure compliance in your organisation

Download now

Best practices for implementing security awareness training

How to develop a security awareness programme that will actually change behaviour

Download now

Most Popular

data governance

Brexit security talks under threat after UK accused of illegally copying Schengen data

10 Jan 2020
cyber security

If not passwords then what?

8 Jan 2020
web browser

What is HTTP error 503 and how do you fix it?

7 Jan 2020
Policy & legislation

GDPR and Brexit: How will one affect the other?

9 Jan 2020