Yahoo (YHOO) CEO Marissa Mayer and five other of the internet company’s board members plan to resign after Verizon (VZ) completes its $4.8 billion deal to buy most of its assets, Yahoo disclosed in a regulatory filing on Monday.
Verizon moved in July to buy Yahoo’s core business, including its internet properties and real estate holdings.
If the deal closes -- and it’s uncertain that it will, given the scale of two massive security breaches at Yahoo and potential antitrust concerns -- what remains will be Yahoo’s stake in Chinese commerce giant Alibaba (BABA) and a number of patents. That company will be renamed Altaba and will function primarily as an investment company, according the Yahoo filing.
It’s unclear what this means for Mayer’s role as CEO of the beleaguered tech company. But there has been widespread speculation about her departure. Mayer said last year she intends to remain at the company.
Yahoo declined to elaborate on Mayer’s future, saying “the filing speaks for itself.”
Maynard Webb, the current chairman of Yahoo’s board, also intends to resign from Yahoo, as do David Filo, Eddy Hartenstein, Richard Hill and Jane Shaw.