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Yahoo! President and CEO Marissa Mayer
Stephen Lam / Getty Images
Yahoo CEO Marissa Mayer, once tasked with turning the struggling company around, is set to exit the company's board when its sale to Verizon closes, a company SEC filing said today.
The exit of Mayer, along with Yahoo co-founder David Filo and four other board members, will reduce the size of the company's board to five members. Upon closing the deal, Yahoo will take on a new name too: Altaba Inc.
Hired in July 2012 to help fix the flailing company, Mayer initially appeared to bring new life to Yahoo with shiny acquisitions, like the $1.1 billion purchase of Tumblr, that got the media and tech world buzzing. But ultimately, Mayer didn't steer Yahoo in new direction. She'll hand over Yahoo to Verizon in essentially the same shape as she found it: a middling content company that tries to do a lot but excels at little.
As former Arizona Cardinals coach Dennis Green would put it:
Yahoo's final days as an independent company are mired in embarrassment, specifically recently revelations of a massive cyber attack that compromised over 1 billion users accounts. Verizon is demanding new terms following the damaging news.
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