YAHOO chief executive Marissa Mayer will step down from the board of the internet giant on completion of its $4.8 billion acquisition by Verizon. The company said that Ms. Mayer will leave the board alongside its cofounder David Filo and board members Eddy Hartenstein, Richard Hill, Jane Shaw, and Maynard Webb. Eric Brandt will become board chairman once the sale of its core business is completed.

The company added that the remaining units of the business will operate as an investment company under the name Altaba. Under the chairmanship of Mr. Brandt, Tor Braham, Catherine Friedman, Thomas McInerney, and Jeffrey Smith will all remain on the board.