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Mayer to leave Yahoo board after Verizon sale

SAN FRANCISCO: Yahoo has confirmed that its chief executive Marissa Mayer will quit the company's board after its merger with Verizon.

Ms Mayer is expected to remain with Yahoo's core business, which is being bought by the US telecom titan.

Yahoo is selling its Internet operations as a way to separate that from its more valuable stake in Chinese internet giant Alibaba.

The share-tending entity, to be renamed Altaba, will act as an investment company with its board reduced to five members, according to a filing.

Yahoo co-founder David Filo will also be among those resigning from the board, according to the filing.

When asked what role Ms Mayer will play after the merger with Verizon, the company referred AFP to a Tumblr post from July.

Ms Mayer had said in the post: "For me personally, I am planning to stay. It is important to me to see Yahoo into its next chapter."

It remains unclear how news of recent large-scale hacks might affect Yahoo's deal to sell its core operating assets to Verizon for US$4.8 billion (S$6.8 billion).

The filing noted risks faced by the company, including that Verizon might assert claims or re-negotiate terms "as a result of facts relating to the security incidents disclosed".

ALIBABA

Yahoo, after a series of re-organisations, decided late last year to sell its main operating business as a way to separate that from its more valuable stake in Alibaba.

Yahoo's plan would place its main operating business within Verizon, which has already acquired another faded Internet star, AOL.

The remaining portion would be a holding company with stakes in Alibaba and Yahoo Japan. - AFP

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