Yahoo CEO Marissa Mayer To Quit Board After Verizon Acquisition – Verne Kopytoff Updated: Jan 09, 2017 3:33 PM PST


Draghi Speaks At The World Economic Forum

Yahoo CEO Marissa Mayer plans to step down from her company’s board after a planned acquisition by Verizon closes.

Yahoo, which announced the board shakeup in a regulatory filing on Monday, said fellow directors including co-founder David Filo and chairman Maynard Webb would also resign their board seats.

The board shakeup involves the company that would hold Yahoo’s investments, primarily Chinese e-commerce giant Alibaba and a stake in Yahoo Japan. That company would be known as Altaba.

Telecom giant Verizon said in July that it would acquire the remaining business, Yahoo’s web portal, for $4.8 billion as part of an effort to beef up its online and mobile ad businesses. But since then, Verizon’s executives have hedged about the price after Yahoo disclosed a massive hacking of its users’ information that raised questions about whether it had notified users about the breaches quickly enough.

In the filing, Yahoo said that the board resignations are “not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s