Yahoo Stock Up After SEC Filings
Yahoo! Inc. (NASDAQ:YHOO) is curbing its board to five seats as a result of the proposed sale to Verizon Communications Inc. (NYSE:VZ), with several board members—including CEO Marissa Mayer—stepping down. Yahoo stock was up one percent in after-hours trading following the US. Securities and Exchange Commission (SEC) filings that revealed the names of the board members stepping down.
Yahoo stock shot up about 14% in 2016, with many investors eyeing the merger with Verizon as a positive move for the struggling tech company. Marissa Mayer was brought in as CEO to right the ship in 2012, but the former tech giant has largely failed to recover its position as a dominant force in the industry. The deal with Verizon is valued at $4.8 billion.
Along with Mayer, Yahoo co-founder David Filo will also resign following the completion of the deal.
Yahoo stock was in need of some good news regarding the merger, especially following a massive data breach that occurred in mid-December. The hack led some to question whether Verizon would renegotiate or even cut the deal altogether, but the SEC filings that came in on Monday show that the transition is still underway.
Marissa Mayer has been a controversial executive since she took the helm at Yahoo. While some see her as having been put in an impossible position, trying to revitalize Yahoo stock, others see her as having largely mismanaged the company and led it down multiple dead-ends.
Yahoo stock climbed about 37% while under Mayer’s leadership. Regardless of what one thinks of her, the finalization of the deal between Yahoo and Verizon will put an end to one of the tech world’s longest and most contentious narratives. Whether the company could have been saved by the right leader or whether it was doomed from the start, that will be left to the history books.