Yahoo Inc will not change its name after it sells its core internet business to Verizon for $4.83 billion (around Rs 32,919 crore), contrary to reports on Monday. The technology major will, however, rename part of the company that is not being sold “Altaba”, reported The Guardian.
Chief Executive Officer Marissa Mayer (pictured above) and five other directors will resign from the board after the deal, the company said on Monday. Mayer will remain the CEO though. The company currently has 11 members on its board.
However, the deal has been affected by recent breaches in Yahoo where personal information of more than 1 billion users was compromised after two separate hacking attacks in 2016. Verizon officials said they were looking into the data breaches, though they agreed that there was a strong strategic fit with the company.
On Monday, Yahoo director Eric Brandt replaced Maynard Webb as the company’s chairman. Webb will be the chairman emeritus of the company till the sale is completed. Altaba’s primary assets will be a 15% stake in China’s Alibaba Group Holding Ltd, and it will hold 35.5% stake in Yahoo Japan.