Yahoo to change its name to Altaba after Verizon sell-off
CEO Marissa Mayer and founder David Filo will both step down
A filing at the US Securities and Exchange Commission (SEC) has revealed Yahoo plans to change its name to Altaba following the completion of its buy-out by US telecommunications company Verizon. However, sources said many of its products, including Yahoo Mail, its search engine, apps and fantasy sports apps, will keep the Yahoo brand.
Other major changes to the company's structure include the resignations of CEO Marissa Mayer and founder David Filo with three other board members, according to the notice posted on the authority's website.
"Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve as directors of the Company following the Closing, and Mr. Brandt will serve as Chairman of the Board," the SEC filing said.
"Each of David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb has indicated that he or she intends to resign from the Board effective upon the Closing, and that his or her intention to resign is not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices."
Yahoo sold its core internet business, which includes its email, websites and apps, formerly known as RemainCo, to Verizon for $4.83 billion (3.97 billion) last year. It's thought the deal will close in the coming weeks, which is why the changes to its structure have been announced.
There's still some scepticism that the acquisition will go ahead following the revelation of two serious data breaches at Yahoo over the last 12 months. However, neither company has revealed whether the hacks would affect the purchase and this latest news would seem to confirm it will go ahead as planned.