Along with the new owner, Yahoo will get a new name: Altaba. "The future of Yahoo is extraordinarily bright".
McInerney, who joined Yahoo's board in April 2012, served as CFO of media mogul Barry Diller's IAC/InterActiveCorp.an Internet company, from January 2005 to March 2012. Marissa Mayer, Yahoo's chief executive officer, will receive a package of cash, stock, and benefits valued at a total of $23,011,325 at the completion of the deal, according to Yahoo's proxy statement. "It's important to me to see Yahoo into its next chapter", she wrote to employees on her Tumblr blog just after the Verizon deal was announced. That scenario, however, would have resulted from Mayer getting fired; in the latest filing, it appears as though it's a "stepping down" scenario. However, the company continued to falter, which led to its sale to Verizon Communications, announced in July 2016.
"Today's filing represents an important step forward in the process of completing our transaction with Verizon", Yahoo says.
However, a lot changed in the next few months that may have changed her mind.
Yahoo has named board director Thomas McInerney as CEO and global controller Alexi Wellman as CFO of the new company that will emerge from the sale of its core business to Verizon.