Yahoo will be renamed Altaba, with new CEO

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Yahoo will be renamed Altaba after the sale of its web assets to Verizon for USD 4.83 billion, the company said in an SEC regulatory filing, adding that CEO Marissa Mayer and five other directors will step down.

Altaba will be a holding company with as primary assets a 15 percent stake in China’s Alibaba Group Holding and 35.5 percent share in Yahoo Japan. Reuters said the new company named Eric Brandt its chairman of the board, from 9 January.

Verizon confirmed its intention to buy Yahoo’s web assets for USD 4.8 billion in July. The transaction is still not final and could be amended or even cancelled in the wake of data breaches Verizon is still investigating.

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