It’s the end of the line for Yahoo. Let’s have a moment of silence.
An SEC regulatory filing revealed that Yahoo Inc.’s will be soon renamed Altaba Inc.
Altaba will be a shell company, operating like an investment company. Essentially, it just holds shares in Chinese e-retail powerhouse Alibaba and Yahoo Japan, reported by Investors Business Daily. In fact, the dying Yahoo was only kept afloat by investments in Alibaba.
The change in Yahoo isn’t only restricted to it’s name, but its board as well. Yahoo CEO, Marissa Mayer will resign from the company’s board and alongside her, Yahoo co-founder David Filo will step down too once the sale of Yahoo to Verizon is complete.
Mayer has been overseeing Yahoo as its status crumbled over the past couple of years. Having failed to revive the once glorious giant, whether or not Mayer will still have a part to play in Yahoo or Altaba will remain to be seen.
It was mentioned that the resignation of current members is not because of disagreements within the company or over its managerial direction. As soon as Altaba is formed, the board will consist of 5 members.
Then again, it seems that the sale to Verizon is not set in stone yet. Recent revelations of the 2 massive data breaches have cast some doubts over the entire deal. Verizon’s general counsel, Craig Silliman mentioned in October last year that the US carrier had “reasonable basis” to believe the data breaches could alter the deal, which may include Verizon walking away.
The recent filing cites the “security incidents disclosed on September 22, 2016 and December 14, 2016” as factors that may lead Verizon to cancel or renegotiate the terms of the agreement.