Early web giant, Yahoo Inc., is following the path of AOL into extinction as Verizon Communications Inc. has confirmed concluded plans to acquire the once-loved-by-all tech firm for $4.8 billion in July, in an acquisition that will see the firm’s name changed to Altaba.
Yahoo confirmed the development on Monday saying it will whittle down its board after completing its deal with Verizon, with several longtime directors, including Chief Executive Marissa Mayer and co-founder David Filo stepping down as directors.
In a Securities and Exchange Commission (SEC) filing, Yahoo said, “In light of the fact that following the Closing the Company will operate as an investment company under the Investment Company Act of 1940, the Board has determined that, immediately following the Closing, the size of the Board will be reduced to five (5) directors.
“Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve as directors of the Company following the Closing, and Mr Brandt will serve as Chairman of the Board.
“Each of David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb has indicated that he or she intends to resign from the Board effective upon the Closing, and that his or her intention to resign is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices”.
Yahoo will change its name to Altaba after it turns over its email, websites, mobile apps and advertising tools to Verizon. The new name is meant to reflect Yahoo’s transformation into a holding company for investments in China’s e-commerce leader Alibaba Group and Yahoo Japan that are worth about more than 40 billion dollars in total.
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