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Verizon to buy Yahoo
Yahoo CEO: Marissa Mayer

Yahoo CEO Marissa Mayer expects to step down from the board of directors of what is left of Yahoo after completing the proposed sale of its core business to Verizon, according to a corporate filing on Monday.

The company that remains will change its name to Altaba after the deal, Yahoo told the Securities and Exchange Commission.

Revelations last year about a data breach affecting 1 billion Yahoo accounts led Verizon to suggest that it might abandon the purchase.

But if and when Verizon acquires much of Yahoo, Mayer is one of six people who will resign from the board. Yahoo co-founder David Filo and Chairman Maynard Webb will also step down. Replacements will not be named as the company pares the board from 11 to five members.

The exit of Mayer and others from the board “is not due to any disagreement with the company on any matter relating to the company’s operations, policies or practices,” Yahoo said in the SEC filing.

A Yahoo spokeswoman declined to comment beyond what’s contained in the 8-K form.

Last year Verizon announced plans to purchase parts of Yahoo, including its search engine and email services and popular websites like Yahoo Sports, for $4.8 billion. The telecommunications giant had bought AOL, The Huffington Post’s parent company, for $4.4 billion in 2015.

Mayer earlier told Yahoo employees after the Verizon deal was revealed that she hoped to continue working there. “It’s important to me to see Yahoo into its next chapter,” she said on Tumblr.

The divisions of Yahoo not included in the Verizon deal, such as Yahoo Japan and the Alibaba Holding Group, will constitute Altaba, according to a Bloomberg article from July.

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