Yahoo renames itself ‘Altaba’; Marissa Mayer resigning from Yahoo board
While we already know that most of the parts of Yahoo had been sold to Verizon, the remainder of the company today announced its rebranding. Now the company will be called ‘Altaba’.
Altaba is a strange name and looks like the company has combined Altavista and Alibaba to get this new name. Both of these are fully and partially owned by Yahoo.
In addition, the Yahoo CEO Marissa Mayer will also step down from the board but will continue to be CEO. Only 5 board members will remain at Altaba.
The name change news came from the filing with the Securities and Exchange Commission. The filing also confirmed that Verizon is moving forward to buy the Internet properties of Yahoo even after multiple security breach revelations. Verizon is also asking for discount and deal might be canceled.
From now the new Altaba will work as an investment company. This company holds 15 percent stake in Alibaba and its 35.5 percent stake in Yahoo Japan. Rest of the Yahoo integrates with Verizon.