- In new proxy materials submitted to the SEC, Yahoo (YHOO +0.3%) has revealed that the company that will remain after core assets are sold to Verizon (VZ -1.1%) will be called Altaba.
- That's the entity that will hold $36B in shares of Alibaba (BABA +0.9%) after Verizon takes most of the rest.
- Following the closing, Marissa Mayer and others will resign from a board that will shrink to five members: Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffey Smith, with Brandt serving as chairman.
- At closing, Mayer will leave along with co-founder David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw and Maynard Webb (who will become chairman emeritus).