AABA Altaba Inc

By Maria Armental 

Yahoo Inc.'s Chief Executive Marissa Mayer and co-founder David Filo will step down from the board after the sale of its core business is completed, and the company will change its name to Altaba Inc., according to a regulatory filing.

Also leaving the board following the closing of the roughly $4.8 billion sale of Yahoo's flagging internet business will be chairman Maynard Webb -- who as of Monday became chairman emeritus -- as well as former chairman Eddy Hartenstein, Richard Hill and Jane Shaw.

Eric Brandt, Broadcom Corp.'s former chief financial officer, has succeeded Mr. Webb as board chairman.

The sale -- which excludes Yahoo's shares in Alibaba Group Holding Ltd. and Yahoo Japan along with other minority equity investments and Yahoo's noncore patents under the Excalibur portfolio -- has come into question after Yahoo disclosed last year massive data breaches of its user data.

The breaches, dating to 2013, exposed information of more than 1 billion accounts.

Verizon officials have indicated all options remain possible, including renegotiating the terms of the deal or walking away.

Before Yahoo's December disclosure of a larger hack, Verizon was nearing an agreement to share hacking liabilities, rather than renegotiate the price. But the December disclosure derailed those talks.

Yahoo's shares rose a penny to $41.35 in recent after-hours trading and Verizon's are down three cents to $52.65.

Ms. Mayer joined Yahoo as CEO from Google in 2012.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

January 09, 2017 19:00 ET (00:00 GMT)

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