Only the investment part of Yahoo that will be renamed ‘Altaba’, while the main brand will retain its name.
Don’t worry, Mom. Yahoo is not changing its name to Altaba.Contrary to some news reports on Monday, only the part of Yahoo that is not being sold to Verizon will be renamed “Altaba”.
In addition, Yahoo CEO Marissa Mayer is to step down from its board, but will continue to be CEO.
Verizon agreed to buy Yahoo’s search engine and web portal for $4.83bn back in July. However, Yahoo’s shareholders held onto the company’s lucrative investments – including a 36% stake in Yahoo Japan and a 16% stake in Alibaba – and patent portfolio. This remaining entity has no product and no staff members.
What’s basically going to happen is this: assuming everything goes according to plan, Verizon is going to gobble up Yahoo!’s brands and operations, leaving behind an investment wing that owns a slice of Chinese web bazaar Alibaba and Yahoo Japan.
That investment vehicle will be renamed from Yahoo! to Altaba, allowing Verizon to continue using the Yahoo! brand. So no, Yahoo! is not completely dead and the! exclamation! point! is! not! going! to! die! any! time! soon! it! seems!
“Immediately following the closing [of the takeover] the size of the [Yahoo!] board will be reduced to five directors,” today’s filing reads.
“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.
“Each of [Yahoo! cofounder] 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.”