Mayer, five others to resign from Yahoo board; company to be renamed Altaba

SAN FRANCISCO — Yahoo CEO Marissa Mayer, co-founder David Filo and others plan to resign from the company's board when it completes its $4.8 billion sale to Verizon.

Mayer, Filo and board chairman Maynard Webb and three others are departing. It is unclear, however, if Mayer will remain in some capacity.

Eric Brandt, a new member of Yahoo's 11-member board, was named chairman immediately.

In a Securities and Exchange Commission filed late today, Yahoo said the resignations are "not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices."

The filing also said the company would be renamed Altaba after the Verizon deal closes.

The deal has been star-crossed since it was announced in July 2016.

Last week, a senior Verizon executive who was instrumental in the telecom company's planned purchase of Yahoo's Internet business expressed doubts over the deal, the second top exec to raise the specter of a changed or abandoned takeover.

"I can't sit here today and say with confidence one way or another because we still don't know," Marni Walden, president of product innovation and new businesses at Verizon, said when asked about determining whether the deal gets done. She did, however, tell attendees at an investment bank conference in Las Vegas that the deal made sense.

Verizon execs have been unsettled by two disclosed digital breaches by Yahoo that have affected more than 1 billion of its members dating back several years.

Follow USA TODAY San Francisco Bureau Chief Jon Swartz @jswartz on Twitter.


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