Altaba will be a new name of Yahoo, Mayer to step down from the board

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Long live Yahoo. Yes, one of the world’s most iconic and oldest web portals is no more. The company announced on Tuesday that it will stop to cease as it exists now, as soon as the Verizon deal gets over.

Hereafter, the company will be called as Altaba Inc. The company is going for Altaba instead it’s iconic name. One way or the other it is an end of an era of Yahoo.

Even though, it is also something that was coming from long time. Everyone saw it and has predicted it already. But many also had believed that somehow Yahoo will come through and survive. The belief became strong after Marissa Mayer, a rockstar engineer at Google, took over the role of CEO of Yahoo, a few years back.

The company won’t be known as Yahoo, once the Verizon deal is complete. Altaba, Inc will be the new name of the company. Also, the size of the company board will now be reduced to 5; Tor Braham, Catherine Friedman, Thomas McInerney and Jeffrey Smith with Eric Brandt as a Chairman of the Board.

Yahoo CEO Marissa Mayer is leaving the board. However, she will remain with Yahoo after the closing of the deal. Co-founder David Filo, Yahoo will also leave the company’s board once the acquisition takes place.

With this acquisition, Yahoo’s web services will be sold to Verizon. This means all those Yahoo Mail and Messenger, etc. will be operated by Verizon, once the deal completes. Altaba will be mostly an investment firm.

The core business of Yahoo will be there one way or other, but sure it is an end for Yahoo.