Verizon-Yahoo deal is official, Marissa Mayer resigns

Yahoo CEO Marissa Mayer has resigned, following the $4.5 billion sale of Yahoo’s Internet properties to Verizon, the telecom giant announced Tuesday. Mayer was CEO of Yahoo for five years, brought in to turn around the Sunnyvale Internet pioneer that had struggled to find its place as more people shifted their Internet searches from desktop computers to their mobile phones. Under her leadership, Yahoo bought dozens of tech companies in an effort to bring in talented engineers and promising technology. When plans to spin out tax-free the Alibaba shares with Yahoo’s small business division did not come to fruition, investors began to push for Yahoo to sell its Internet properties. Last year, the sale of the properties seemed inevitable after hedge fund Starboard Value received seats on Yahoo’s board as part of a settlement. “The close of this transaction represents a critical step in growing the global scale needed for our digital media company,” said Marni Walden, Verizon president of media and telematics, in a press release.