It's out with the old and in with the new for Yahoo. That means shedding a CEO and its old identity, and officially gaining a new parent: Verizon.
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Eleven months after revealing its intent to acquire Yahoo, Verizon on Tuesday announced that it's a done deal. Yahoo will now be combined with AOL, which Verizon bought in 2015, to become Oath, as planned.
As part of this transition, former Yahoo CEO Marissa Mayer is exiting the company. "Given the inherent changes to Marissa Mayer's role with Yahoo resulting from the closing of the transaction, Mayer has chosen to resign from Yahoo," Verizon said in its announcement. "Verizon wishes Mayer well in her future endeavors."
In a blog post Tuesday, Mayer, a former Google exec who joined Yahoo as CEO in 2012, said today "marks the end of an era for Yahoo, as well as the beginning of a new chapter," adding that "it's an emotional time for all of us.
"I want all of you to know that I'm brimming with nostalgia, gratitude, and optimism," she wrote. "It's been my great honor and privilege to be a part of this team for the last 5 years."
Mayer went on to say that Yahoo has "confronted seemingly insurmountable business challenges, along with many surprise twists and turns" during her tenure. Chief among those challenges were massive data breaches, which caused Verizon to reduce its purchase price of Yahoo by $350 million.
With this new name Oath, Verizon is obviously trying to restore user trust following Yahoo's security breaches. More than 50 media and technology brands now sit under the Oath umbrella, including HuffPost, Yahoo Sports, AOL.com, Tumblr, Yahoo Finance, and Yahoo Mail. Former AOL CEO Tim Armstrong will serve as CEO of Oath, which is part of Verizon's Media and Telematics organization.
"Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners," Armstrong said in a statement.