Remains of Yahoo to rebrand and CEO to step down
The remains of Yahoo will be renamed Altaba and CEO Marissa Mayer will step down from the board – if Verizon’s proposed $4.83 billion takeover is completed.
The US telco agreed to buy Yahoo’s search engine, web portal ad other assets back in July, although doubts have been cast on the deal following revelations of two separate cyber-attacks carried out against Yahoo that rank among the biggest data breaches in history.
According to a filing to the SEC, should Verizon to continue with its takeover plans, the remains of Yahoo will undergo a rebrand to Altaba. Those remaining assets include its 36% stake in Yahoo Japan and a 16% stake in e-commerce giant Alibaba, plus a vast patent portfolio.
Marissa Mayer, who has been CEO at Yahoo since 2012, will step down from the company, along with five other board members.
Should the deal be completed, the remaining assets will be integrated with AOL, which was acquired by Verizon in 2015 in a $4.4 billion deal. In July, an AOL spokesperson said Yahoo brands including Yahoo Finance and Yahoo sports will continue to exist.
Doubt still lingers over the potential takeover, following disclosures last year of two separate data breaches that impacted more than one billion accounts.
The deal is subject to final approval from Verizon, and is currently undergoing scrutiny from regulators.
After Yahoo first disclosed a data breach effecting up to 500 million customers in September, reports appeared claiming Verizon was looking to get up to $1 billion knocked off the value of the deal. The breach took place in late 2014, and was blamed on “state-sponsored hackers” by the internet giant.
In December, Yahoo revealed it had also suffered what is reportedly the largest data breach in history in 2013, with more than one billion accounts potentially at risk.
Mayer was in charge during both data breaches, but has previously expressed an interest in staying with Yahoo after it is merged with Verizon.