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Yahoo announced on January 9, 2017, it will rename itself as Altaba Inc. and CEO Marissa Mayer will resign after closing its deal with Verizon Communications.

It was announced on July 25, 2016 that Yahoo got purchased by Verizon. The buyout has moved forward and some of the portions of company which will be left behind will be renamed Altaba Inc.

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There will only be five board members in Altaba Inc. namely Catherine Friedman, Eric Brandt, Jeffrey Smith, Thomas Mclnerney and Tor Braham. The remaining Yahoo board, including CEO Marissa Mayer will step down from the board.

Yahoo has its 15% stake in Alibaba and 35.5% stake in Yahoo Japan and these assets will be retained by Altaba Inc. The company will own nothing more than the stock and patents left behind after the Verizon’s sale.

Yahoo’s blog, search engine, email services and rest of the properties available on the homepage will not go anywhere for now, as all these services will continue to operate under Verizon.

A filing with the Securities and Exchange Commission confirms the change, which is a sign that the company’s sale is moving forward with Verizon as planned. The former CEO of Yahoo might work with Verizon, though her role is yet to be announced.

This is all the information which has been released till date. It is expected that more information will be revealed by the end of this month during Yahoo’s earnings call.

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