The company said in a statement Tuesday that, “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 wishes Mayer well in her future endeavors.”
Mayer was already expected to step away from the Yahoo board after the sale, but it was never clear what her role would have been at the company following the deal’s close.
The acquisition of Yahoo’s operations did not include the entire company and leaves a few other pieces of business in what was renamed Altaba Inc. The new entity, which is calling itself an investment company, absorbs what did not move over in the sale to Verizon, including a 15 percent equity stake in Alibaba Group Holding Ltd., a 36 percent stake in Yahoo Japan Corp. and some minority investments.
The operating businesses that are part of the Verizon purchase are now part of a newly created division called Oath, which will be combined with Verizon’s AOL business, which the company bought in 2015 for $4.4 billion.
The Oath portfolio is comprised of Huffington Post, Yahoo Sports, AOL.com, Makers, Tumblr, Build Studios, Yahoo Finance and Yahoo Mail among other brands.
AOL ceo Tim Armstrong now becomes ceo of Oath.
“We’re building the future of brands using powerful technology, trusted content and differentiated data,” Armstrong said in a statement. “We have dominating consumer brands in news, sports, finance, tech, and entertainment and lifestyle coupled with our market leading advertising technology platforms. 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.”
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