Yahoo! yesterday disclosed, via an 8-K filing with the Securities & Exchange Commission, that its board of directors will be cut in half, and that the part of itself not being bought by Verizon Communicationswill be renamed “Altaba.”
Yahoo! is splitting into a holding company, for the minority stake it holds in Alibaba Group Holding and an advertising and content outfit, the latter of which is being sold to Verizon.
The company said its board will be cut from 11 people to just 5, and that CEO Marissa Mayer will resign from the board:
“In light of the fact that following the Closing the Company will operate as an investment company under the Investment Company Act of 1940, the Board has determined that, immediately following the Closing, the size of the Board will be reduced to five (5) 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 Mr. Brandt will serve as Chairman of the Board. Each of David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb has indicated that he or she intends to resign from the Board effective upon the Closing, and that his or her intention to resign is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”