Yahoo! split and renamed, Marissa Mayer rejected [SHIFT] – ZDNet France

Article updated at 10 am

The future of Yahoo! to be precise a bit more. According to a document handed out to the Securities and Exchange Commission, here is how things should be conducted if the acquisition by Verizon ends up.

Yahoo! would be split into two entities : one retaining the name Yahoo! as well as the Internet activities general public associated with it, and who will join the fold of the mobile operator ; the second created entity will be a holding company responsible for managing the financial assets that Verizon does not acquire, namely, the stake in Alibaba.

The new entity will then take the name of Altaba Inc. and will have his board of directors reduced to 5 members. Altaba shall be declared and registered as an investment company and regulated according to specific legislation of 1940 (the Investment Company Act).

Marissa Mayer, the boss of Yahoo!, as well as 5 other members of the CA present, will leave their seat. The executive committee of Altaba will be composed of Tor Braham, Eric Brandt (chairman), Catherine Friedman, Thomas McInerney, and Jeffrey Smith.

The finalization of this purchase is planned for the 1st quarter of this year. The acquisition by Verizon does not include the cash held by Yahoo, its shares in Alibaba and Yahoo Japan, nor is it that its patents do not relate to its core business. These assets will belong to Altaba.

“The acquisition of Yahoo will put Verizon in a position that is highly competitive as a major global enterprise, media and mobile will help accelerate our revenue streams in the digital advertising,” commented the CEO of the operator, Lowell McAdam.

What about the future role of Marissa Mayer, the current leader of Yahoo recruited to revive the actor’s iconic Web ? It will leave his functions after the acquisition by Verizon loop.

This resignation is not linked “to any disagreement with the company or any other matter relating to the company’s operations, its rules or its practices” is, however, specified in the document delivered to the SEC.

This departure is expected to result for Marissa Mayer by the payment of a generous golden parachute. Last may, AP revealed that his contract provided for, following an assignment and a foreclosure of his or her position, the payment to the leader of a global envelope of $ 55 million. (Eureka Presse and ZDNet.fr)