Say goodbye to Yahoo as you know it. The company will be renamed Altaba, inc after their $4.8 billion merger with Verizon.
Along with changing their name, Yahoo’s CEO Marissa Mayer will be stepping down from the company once the company completes their merger with Verizon.
According to filings with the Securities and Exchange Commission, Yahoo is going to undergo significant changes once the company merges with Verizon. In fact, Yahoo’s cofounder David Filo and several other board members will step down.
Who is Marissa Mayer?
Marissa Mayer was appointed President and CEO of Yahoo in 2012 after working as a spokesperson for Google for several years. Under Mayer’s guidance, Yahoo acquired Tumblr for $1.1 billion. However, by 2016 Yahoo revealed the value of Tumblr had decreased by over $200 million. In addition, reports surfaced that Mayer would lay off over a thousand employees to focus on their search engine system and email service. But, another problem was around the corner for Yahoo.
Late last year, Yahoo revealed that the company became victim to what became the world’s biggest security hack. Over 1 billion accounts were compromised in a cyberattack.
Yahoo’s Bob Lord explained explained that their cyber forensic experts found an unauthorized third party gained access to over a billion accounts in 2013. Since then, Yahoo has prompted their users to change their personal passwords, security questions and other information. In addition, the former social engine giant suggested users to review their accounts to see if there is any suspicious activity.
While there were reports that Verizon would back out of their deal with Yahoo, it appears as though the telecommunications giant is moving forward.