Verizon Completes Yahoo! Purchase, Marissa Mayer Resigns

Yahoo! has completed the $4.5 billion sale of its operating business to Verizon Communications, and Marissa Mayer, chief executive of the internet company, has resigned.

The company will change its name to Altaba. Following the sale, the company’s remaining assets consist of an approximately 15 percent equity stake in Alibaba Group; an approximately 36 percent equity stake in Yahoo Japan Corporation; cash, cash equivalents and marketable debt securities; certain minority investments; and Excalibur IP, which owns certain patent assets that were not core to Yahoo’s operating business.

David Filo, Eddy W. Hartenstein, Richard S. Hill, Marissa Mayer, Jane Shaw, Jeffrey Smith and Maynard Webb, Jr. have all resigned from the company’s board of directors. The remaining directors are Eric Brandt (Chairman), Tor Braham, Catherine Friedman and Thomas McInerney. McInerney is now the company’s CEO, while Alexi Wellman became its chief financial and accounting officer, and DeAnn Fairfield Work became its chief compliance officer. Arthur Chong continues to serve as the company’s general counsel and secretary.

McInerney said: “After extraordinary effort over the past 18 months, we are pleased to complete this historic transaction and begin a new chapter. We thank our Yahoo colleagues and the departing directors for their tireless efforts and dedicated service. We now turn the page with very significant assets, relatively modest liabilities (excluding deferred taxes), and a boundless commitment to do everything in our power to increase shareholder value consistent with our stated policies.”