Yahoo To Be Renamed Altaba, CEO Mayer To Resign [VIDEO]

Yahoo CEO Marissa Mayer will leave the company’s board after the proposed sale of the internet pioneer’s core web properties to Verizon, according to a filing Monday. Five other directors also will go. The move was not a surprise, as the new company will essentially be an investment company holding the remaining Yahoo assets, which include stakes in Alibaba Group Holding Inc. and Yahoo! Japan. The new company will change its name to Altaba Inc. After Mayer’s turnaround efforts stalled, Yahoo agreed to sell the internet properties to Verizon for $4.8 billion. Since then, Verizon has questioned whether Yahoo’s revelations about two massive hacks of user data had reduced the value of the Yahoo sites.