Yahoo! CEO Marissa Mayer To Leave Board After Verizon Acquisition

(RTTNews) - Yahoo! Inc. (YHOO) 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.

Yahoo! disclosed in a regulatory filing that Board has determined that, immediately following the Closing of the deal, the size of the Board will be reduced to five 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.

The company noted that 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.

To facilitate the transition of the Company to an investment company following the Closing, the Board also determined that, effective January 9, 2017, Brandt will become Chairman of the Board and Mr. Webb will become Chairman Emeritus of the Board.

The Board also determined that, following the Closing, it intends to cause the Company's name to be changed to Altaba Inc.

Yahoo agreed to sell its web properties to Verizon in a deal valued at about $4.8 billion.