Marissa Mayer to resign from Yahoo's board after Verizon deal closes and Yahoo to change name to Altaba

Shruti Tripathi Chopra
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Marissa Mayer has been Yahoo CEO since 2012 (Source: Getty)

Yahoo chief executive Marissa Mayer will step down from the board after the tech giant completes its $4.8bn (£3.9bn) deal with Verizon.

The holding company of Yahoo’s core assets will be called Altaba, it was revealed in a filing with the US Securities and Exchange Commission (SEC) late last night.

Other senior executives set to resign from the company include David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw, and Maynard Webb.

The filing confirmed the size of the board will be reduced to five directors. Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve as directors of the company following the closing, and Brandt will serve as chairman of the board.

Read more: Yahoo hack puts Verizon deal and Marissa Mayer under pressure

All six executives including Mayer said their "intention to resign is not due to any disagreement with the company on any matter relating to the company’s operations, policies or practices".

Mayer joined Yahoo from Google in 2012 and was tasked with turning around the tech titan using her product and engineering expertise. She joined Google in 1999 and was the search giant's first woman engineer.

Her leadership came under the scanner last month when Yahoo disclosed a second major hack attack, twice the size of the previous one it revealed last year, and which experts called the biggest hack in history.

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