Yahoo set to shrink board, change name
Yahoo Inc Chief Executive Officer Marissa Mayer is among six directors who plan to leave the board of the investment company that will be left after the closing of the proposed sale of Yahoo's main internet properties to Verizon Communications Inc.
The new company, a shareholder in Alibaba Group Holding Ltd and Yahoo Japan, will change its name to Altaba Inc and reduce its board to five members as it looks ahead to its next chapter with fewer ties to the iconic brand, according to a filing on Monday.
Yahoo agreed to sell its web properties to Verizon in a deal valued at about $4.8 billion, though questions have come up after Yahoo revealed two separate hacks of user data. The deal came after Mayer failed to deliver on a turnaround attempt that began after her arrival in 2012.
