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Yahoo to shrink board after pending sale to Verizon, change name
[SAN FRANCISCO] Yahoo! Inc Chief Executive Officer Marissa Mayer is among five directors who plan to leave the board of the investment company that will be left after the closing of the proposed sale of Yahoo's main internet properties to Verizon Communications Inc.
The new company, a shareholder in Alibaba Group Holding Inc and Yahoo! Japan, will change its name to Altaba Inc and reduce its board to five members as it looks ahead to its next chapter with fewer ties to the iconic brand, according to a filing Monday.
Yahoo agreed to sell its web properties to Verizon in a deal valued at about US$4.8 billion, though questions have come up after Yahoo revealed two separate hacks of user data.
The directors that will remain with Altaba after the closing of the Verizon sale are Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith.