Yahoo! changes its name, and revolutionizes the company's mission and board – with the departure of the managing director Marissa Meyer and the co-founder David Filo – in view of the finalization of the agreement with Verizon Communications.
Yahoo will be called Altaba and will operate as an investment company, once the sale of the main internet services to Verizon for 4,8 billion dollars is concluded, which will lead to the resignations of Mayer and Filo and the reduction of the board of directors from 11 to just 5 members.
But the Verizon deal could still fail after hacker attacks on Yahoo's systems. If the transaction goes through, Altaba will retain a 15% stake in Alibaba and 35,5% in Yahoo Japan and the board of directors will consist of Tor Braham, Catherine Friedman, Eric Brandt, Thomas McIrney and Jeffrey Smith.
