Yahoo! chief executive named as Marissa Mayer will be resigning from the board of directors after her company completes its acquisition by Verizon.
Marissa Mayer Is Resigning From Yahoo’s Board Of Directors
In additional news, Mayer is not the only one to depart from the combined company, the co-founder David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw as well as Maynard Webb will be leaving too and Eric Brandt will become the chairman of the board.
Yahoo attempted to make it clear to the people that the departures of the six directors were not because of any disagreements or issues with its policies and operations.
While it’s said that Mayer will depart from the Yahoo board of directors after the acquisition closes, there’s no official word yet on whether Mayer will be departing from the Verizon organization.
If it happens, it’s been reported that Mayer could receive a $55 million. Soon, after the purchase by Verizon, she issued a statement saying that she’s not going anywhere else, at least perhaps in just a short-term, but what about after that?
Relation Of Yahoo And Verizon
According to VentureBeat, Verizon won the rights to Yahoo just last year, paying the amount of $4.8 billion for the company, but it wasn’t exactly a seamless process.
Right after the announcement of the deal, Yahoo claimed that “state-sponsored hackers” invaded its system and gained the access to data from initially 500 million accounts.
Before months later, it also reveals that another billion users had been affected with this. This influenced some reports suggesting that Verizon was thinking of dropping out of the deal or maybe at least asking Yahoo for a discount worth $1 billion.
The board resignations announced on Monday refer to the remaining investment company that’s not going to Verizon, and which will be renamed “Altaba,” according to Business Insider.
Altaba will be responsible for increasing returns on its investment in Yahoo Japan and Alibaba. The latter recently announced it was taking the Chinese department store Intime Retail private in a $2.6 billion deal. Source: Itechpost