Marissa Mayer waves goodbye to Yahoo as Verizon completes its $4.5bn takeover

 
Emma Haslett
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Yahoo! CEO Marissa Mayer Announces Acquisition Of Tumblr For $1.1 Billion
Mayer had been expected to step down (Source: Getty)

Yahoo chief executive Marissa Mayer has quit after Verizon completed its $4.5bn (£3.5bn) takeover of the troubled business.

In a statement today Verizon confirmed plans to combine Yahoo with its AOL business to create Oath, a new subsidiary with more than 50 media and technology brands, including HuffPost, Tumblr, Yahoo Finance and AOL.com.

AOL chief executive Tim Armstrong will lead Oath, it added.

In January it emerged Mayer planned to step down from Yahoo once the deal was complete, alongside directors David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw and Maynard Webb.

Mayer's position had become embattled as the company's fortunes looked increasingly bleak. In December it revealed a massive hack had hit 500m user accounts - twice as many as a similar attack the year before.

However, in April the company revealed results showing it had beaten expectations in the first quarter of 2017, with revenues rising 22.1 per cent to $1.33bn.

Shares in Yahoo fell 1.2 per cent to $52.47 in mid-morning trading in New York.

Read more: Will "Yahoo" ever be a verb?

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