Yahoo CEO Marissa Mayer will resign from the company’s board of directors after its planned $4.8 billion merger with Verizon is completed, Yahoo announced in a filing with the SEC on Monday.
Mayer, along with Yahoo cofounder David Filo and four other members of the board will step down after the deal closes, Yahoo said.
Verizon is acquiring Yahoo’s operating business under the proposed transaction, while Yahoo’s remaining business, which consists primarily of its stake in Chinese ecommerce giant Alibaba and its partnership in Yahoo Japan, will continue to exist as a separate company.
The board resignations announced on Monday refer to the remaining investment company that’s not going to Verizon, and which will be renamed “Altaba,” the company said.
Mayer’s resignation from the new board is “not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” the filing says.
The new Altaba board will consist of 5 members, including activist hedge fund manager Jeff Smith.
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