As expected, the merger also means that Yahoo CEO Marissa Mayer has resigned from the company, given "inherent changes to her role". We've actually known for a few months that Mayer will not run Yahoo under Verizon, which is not exactly a blow given that her compensation package is worth around $186 million based on a New York Times report.
Armstrong said, "We're building the future of brands using powerful technology, trusted content and differentiated data".
"I want all of you to know that I'm brimming with nostalgia, gratitude, and optimism", she wrote.More news: UK: Banned building materials suspected in London fire
Under Mayer, Yahoo made one last push to prove it could be more than a fading Internet pioneer. Unsurprisingly, Yahoo CEO Marissa Mayer has tendered her resignation.
"They're all around us, in Silicon Valley, and around the globe", says Dan Rosensweig, chairman and CEO of Chegg, and a former COO at Yahoo. The company has completed the sale of its operating business to Verizon Communications, Inc. The original Yahoo group now becomes a holding company with stakes in Chinese Internet giant Alibaba and Yahoo Japan. AOL president and former Yahoo executive- Tim Mahlman will head up the advertising technology, while Yahoo engineering pro Atte Lahtiranta will lead tech, and Verizon's Ralf Jacob will helm digital media.
The $4.8 billion purchase of Yahoo, one of the oldest existing internet brands, had always been expected before the announcement in 2016.
Yahoo's shares will continue trading on the NASDAQ until the close on June 16.
"The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising".