Yahoo CEO Marissa Mayer will resign from the company's board of directors after its planned $4.8 billion merger with Verizon is completed, Yahoo reported.

As it was reported, Mayer, along with Yahoo cofounder David Filo and four other members of the board will be among those resigning from the board.

It was also noted that after the proposed transaction, Yahoo's remaining business, which consists primarily of its stake in Chinese ecommerce giant Alibaba and its partnership in Yahoo Japan, will continue to exist as a separate company.

It is expected that the transaction will be complete in the first quarter of this year.