Verizon completes Yahoo acquisition and announces CEO Marissa Mayer's resignation
7 years, 9 months ago

Verizon completes Yahoo acquisition and announces CEO Marissa Mayer's resignation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Verizon Communications said on Tuesday it closed its $4.48bn acquisition of Yahoo's core business and that Marissa Mayer, chief executive of the internet company, had resigned. “However, I want all of you to know that I’m brimming with nostalgia, gratitude, and optimism.” Mr Armstrong told employees in a separate note seen by Reuters that the combined company's services “reach over a billion people each month.” He added that “accomplishing our objectives and goals will require adjustments to the company.” He said the “opportunity in front of us is not about the opinions from the pundits and it is not about the competition, it is about our ability to maniacally focus on delivering magical services to mobile enabled consumers.” The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year. Reuters reported last week that Verizon planned to cut about 2,000 jobs, or 15 per cent, of the 14,000 employees at its Yahoo and AOL units. On Friday, the remainder of Yahoo not acquired by Verizon will be renamed Altaba, a holding company whose primary assets will be its 15.5 per cent stake in Alibaba and a 35.5 per cent holding in Yahoo Japan Corp. Thomas McInerney, a Yahoo board member, will become Altaba's chief executive officer.

History of this topic

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2 years, 1 month ago
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8 years, 3 months ago
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8 years, 5 months ago
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