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Yahoo's Marissa Mayer to resign from board after Verizon deal closes

Reuters logo Reuters 10/01/2017
Marissa Mayer, President and CEO of Yahoo, participates in a panel discussion at the 2015 Fortune Global Forum in San Francisco© REUTERS/Elijah Nouvelage/File Photo Marissa Mayer, President and CEO of Yahoo, participates in a panel discussion at the 2015 Fortune Global Forum in San Francisco

Yahoo Inc (YHOO.O) said Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc (VZ.N).

Five other directors would also resign after the deal closes, Yahoo said in an filing on Monday. (http://bit.ly/2iXrbwn)

The company also named Eric Brandt chairman of the board, effective Jan. 9.

Verizon's $4.83 billion deal for Yahoo's core internet assets came under renewed scrutiny by federal investigators and lawmakers last month after Yahoo disclosed the largest known data breach in history.

File photo of Yahoo CEO Marissa Mayer delivering her keynote address at the annual Consumer Electronics Show (CES) in Las Vegas© REUTERS/Robert Galbraith/Files File photo of Yahoo CEO Marissa Mayer delivering her keynote address at the annual Consumer Electronics Show (CES) in Las Vegas

Mayer said in July that she planned to stay at Yahoo through the transaction's close.

Yahoo said the remaining company would be renamed Altaba Inc after the deal closes.

(This version of the story corrects to "Mayer" from "Mayers" in headline)

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)

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