Yahoo to change name as chief executive Marissa Mayer resigns

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Yahoo to change name as chief executive Marissa Mayer resigns

Yahoo chief executive Marissa Mayer will resign from the board of directors once its sale to communications giant Verizon is complete.

Five other directors also plan to resign, including founder David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw and Maynard Webb, according to a document filed with the US Securities and Exchange Commission.

The filing states that the departures are not due to any disagreement with Yahoo, Verizon, or any matter relating to its operations, policies or practices.

The company also stated that after the acquisition, the remaining shell of Yahoo would change its name to Altaba Inc. The remaining company will operate as an investment firm, led by chairman Eric Brandt.

Yahoo revealed it was being acquired by Verizon in July 2016 for US$4.8 billion (A$6.5 billion). However, the deal came under scrutiny in September when Yahoo revealed that more than 500 million accounts were breached in 2014. In December, Yahoo revealed a second large-scale attack that took place in 2013, which affected one billion accounts.

Verizon said at the time it would "evaluate as the investigation continues through the lens of overall Verizon interests," including its consumers, customers and shareholders.

Last week, Verizon executive Marni Walden said at a conference in Las Vegas that the company was still unsure about the acquisition. The deal is still subject to a number of conditions, and no timeframe has been given for its completion.

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