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Nation & World

Yahoo CEO Marissa Mayer resigns, cites achievements by fallen firm as Verizon deal closes

SUNNYVALE, Calif. – Yahoo CEO Marissa Mayer announced her resignation Tuesday in a message to employees confirming the firm’s $4.5 billion sale to Verizon has closed.

“It’s an emotional time for all of us,” Mayer, 42, wrote in a blog post. “Given the inherent changes to my role, I’ll be leaving the company.”

Mayer’s nearly 5 years leading the iconic Sunnyvale internet firm were notable for her failure to reverse its declining fortunes and for two world-record hacks of user data.

However, also during her tenure, Yahoo drew in more than a billion monthly users, making it one of three internet firms in the world to boast that number of viewers, while increasing monthly mobile users to more than 650 million, Mayer said

The sale to Verizon included Yahoo’s core assets, which Verizon will merge with AOL into an internet company called Oath.

What remains of the former Yahoo will become an investment company called Altaba, headquartered in New York City, with holdings of about $52 billion in Chinese e-commerce giant Alibaba and about $9 billion in Yahoo Japan, plus a collection of patents.

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