Marissa Mayer Steps Down As Verizon Acquisition Of Yahoo Is Complete

Verizon Communications Inc.'s acquisition of Yahoo Inc. is complete, meaning the new company Altaba Inc. will emerge Friday and register with the SEC as a publicly traded investment company. Verizon bought Yahoo for $4.48 billion and the acquisition is still subject to certain adjustments. Marissa Mayer, chief executive of Yahoo, has resigned from its board, as have other directors including Richard Hill, Jane Shaw and Maynard Webb. Thomas McInerney, a current board member, will become chief executive of Altaba, with Alexi Wellman as chief financial officer. After the sale, Yahoo's assets will include a 15% equity stake in in Alibaba Group Holding Ltd and about a 36% equity stake in Yahoo Japan. Yahoo's stock will continue trading on the Nasdaq under the symbol "YHOO" until Friday. Altaba's stock will begin trading June 19 under the symbol "AABA." Shareholders do not need to take any action. Shares of Verizon were down 1% Tuesday and shares of Yahoo were down 0.6%.