On 9th January 2017, Monday Search Engine giant Yahoo announce about their merger with Verizon. Yahoo is in the final stages of merger with American telecom Verizon.
In July 2016, Verizon started acquisition of Yahoo’s main Internet business for $4.8 billion. And it is expected to get it done before the end of first quarter of 2017.
Once the Verizon-Yahoo deal is done, Verizon will merge Yahoo’s web portal, search engine, email, news service, Yahoo finance and sports with AOL. Yahoo acquired AOL in 2015 for $4.83 billion.
Well, Five top management and board of directors along with CEO Marrisa Meyer have decided to quit from the post.
Yahoo posted in its filing on US Securities and Exchange Commission,
“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,”
Well, still there is no official announcement about Marisaa Meyer’s post will continue or not.
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