Yahoo is renaming itself Altaba, CEO Marissa Mayer stepping down, after Verizon sale
In a regulatory filing late Monday, Yahoo announced that assuming it completes its $4.8 billion sale to Verizon, it will change its name to Altaba and half its board of directors — including CEO Marissa Mayer, co-founder David Filo, and chairman Maynard Webb — will step down. Eric Brandt, a former CFO at Broadcom and new Yahoo board member, was named as chairman, effective immediately. The departures are "not due to any disagreement with the company on any matter relating to the company's operations, policies, or practices," Yahoo said in its Securities and Exchange Commission filing.
Verizon executives have recently cast doubt on the Yahoo purchase, announced last July, before two high-profile hacking episodes. But if the sale goes through, Yahoo's biggest remaining assets will be its 35.5 percent stake in Yahoo Japan and its 15 percent share of Chinese internet juggernaut Alibaba — the apparent seed for the new name. "Still," The New York Times notes, "Altaba is certainly an unusual name — and it also happens to be close to 'Al-Taba,' apparently a manufacturer of scissors based in Pakistan." To be fair, Yahoo is also pretty similar to mysterious chocolate drink Yoo-hoo, and that didn't stop the internet powerhouse from doing quite well for itself for more than a decade.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
'Criminal trail?'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Grindr 'shared user HIV status' with ad firms, lawsuit claims
Speed Read LGBTQ dating app accused of breaching UK data protection laws in case filed at London's High Court
By Rebecca Messina, The Week UK Published
-
The best dog-friendly hotels around the UK
The Week Recommends Take a break with your four-legged friend in accommodation that offers you both a warm welcome
By Adrienne Wyper, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published