According to the United States Securities and Exchange Commission form that was uploaded by Yahoo on January 9, the company is expecting some major changes during this year. The Yahoo that we’ve all grown up with will become a new company called Altaba Inc. According to a USA Today video, CEO Marissa Mayer resigned from the board. More employees, such as co-founder David Filo, are expected to resign as well once a $4.8 billion sale finishes with Verizon.
Over the last few years, Yahoo has experienced a lot of difficulty finalizing this deal thanks to all of the major hacking reports that have been revealed: in the final months of 2016, Yahoo disclosed that one billion user accounts were hacked in 2013, in addition to hackers stealing the account information from 500 million users in 2014. If you were affected by the hack — or even if you weren’t — make sure that your data and personal information is safe. Check your device for malware now:
A Change in Board
In agreement with Verizon, leading board members will be expected to step down. This not only includes CEO Marissa Mayer, but co-founder David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw, and Maynard Webb will all be resigning from the board once the deal is in place. According to the form on Yahoo, all employees stated that their resignation is not because of any disagreement with Verizon. But then who does this leave with Yahoo once the sale is completed? With the decision to reduce the size of the board to five members, the company will consist of Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney, and Jeffrey Smith.
What Will Altaba Inc. Be?
Altaba will be, under the Investment Company Act of 1940, an investment company. This, of course, brings some uncertainties as the company changes: Will it be the same, and how will the company’s stock be affected? According to the Securities and Exchange Commission form, there are chances of a delay in obtaining Yahoo’s stockholders, which will incurring substantial fees under the Stock Purchase Agreement — a threat to current advertising relationships.
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