Yahoo CEO Marissa Mayer, once tasked with turning the struggling company around, is set to exit the company’s board when its sale to Verizon closes, a company SEC filing said today.
The exit of Mayer, along with Yahoo co-founder David Filo and four other board members, will reduce the size of the company’s board to five members. Upon closing the deal, Yahoo will take on a new name: Altaba Inc.
Hired in July 2012 to help fix the flailing company, Mayer initially appeared to bring new life to Yahoo with shiny acquisitions, like the $1.1 billion purchase of Tumblr, that got the media and tech world buzzing. But ultimately, Mayer didn’t steer Yahoo in a new direction. She’ll hand over Yahoo to Verizon in essentially the same shape as she found it: a middling content company that tries to do a lot but excels at little.
As former Arizona Cardinals coach Dennis Green would put it:
Yahoo’s final days as an independent company are mired in embarrassment, specifically recent revelations of a massive cyberattack that compromised over 1 billion users’ accounts. Verizon is demanding new terms following the damaging news.
- Notorious Mexican drug lord Joaquín "El Chapo" Guzmán has been extradited to the United States to face multiple charges.
- The turnout at Trump's inaugural concert was much smaller compared to the crowd that showed up for Obama's 2009 celebration.
- Donald Trump's pick for treasury secretary, Steve Mnuchin, was grilled by Democrats over his time leading a mortgage company that carried out over 36,000 foreclosures.
- A majority of American adults get news from Facebook, according to a new survey by BuzzFeed, but only 18% of respondents said they trusted news from Facebook. ✋ 📰
Report an Issue
Drag to highlight one or more parts of the screen.
We got your feedback, and we'll follow up with you at
Sadly, an error occured while sending your feedback. Please contact email@example.com to let us know.