Yahoo to be renamed as Altaba Inc. as the CEO Marissa Mayer steps down

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  • 4 years ago
  • Posted: January 10, 2017 at 3:40 pm

By now you are all aware that Verizon is in the process of purchasing Yahoo. Apparently, not all of Yahoo will be sold. A small portion of the company will still remain. Yahoo will still maintain its 15 percent stake in Alibaba and its 35.5 percent stake in Yahoo Japan. It is this remaining part that will be renamed Altaba Inc.

Altaba Inc. will essentially operate as an investment company. It is expected that all but five of Altaba’s board of directors will step down upon the conclusion of the deal. Only Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffery Smith will keep their jobs. The CEO, Marissa Mayer, will step down from the newly formed company. There are rumours that Marissa might ultimately get a position in the potion of Yahoo that is integrating with Verizon. The details are still sketchy as of now.

On the other hand, the integration of the rest of Yahoo with Verizon seems to be going ahead. This is despite the fact that Yahoo came out publicly last year and disclosed two security breaches. These two security breaches affected about one and a half billion users. The worst thing is that both breaches occurred back in 2013 and 2014. The breaches had gone unnoticed until their disclosure on 22nd September, 2016 and 14th December, 2016.

According to TechCrunch, Verizon is considering asking for a discount after the above revelations were made. Verizon is no longer comfortable with the purchase offer of $4.8 billion.

Just for the record, Yahoo used to be the leading search engine and email service provider back in the days. The company was not able to compete effectively thus it heart breaking dethroning by Google. Yahoo was once valued for more than $100 billion and now it is only been sold for a mere $4.8 billion or less if Verizon goes ahead with the discount request.

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