Yahoo to change name and lose Marissa Mayer as a board member pending sale to Verizon

Yahoo Chief Executive Marissa Mayer will step down from the board of directors and the Internet giant will change its name to Altaba Inc. after the company’s pending sale to Verizon closes, according to a Monday filing with the Securities and Exchange Commission.

Verizon announced plans in July to acquire Yahoo for approximately $4.83 billion. The deal doesn’t include Yahoo’s share in the Chinese online retail giant Alibaba or Yahoo Japan. Mayer, a former Google exec who joined Yahoo as chief executive in 2012, previously said she would continue working for the company after the acquisition.

“For me personally, I’m planning to stay. I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter,” she wrote in an email to employees after the sale was announced.

In addition to Mayer, five other directors would resign from the board after the deal closes, according to Monday’s filing.

As for the name change, the Wall Street Journal reported that the new name is a combination of the words “alternate” and “Alibaba,” citing a person familiar with the matter.

Since the sale was announced, Yahoo revealed that two separate hacks compromised around 1.5 billion user accounts. Verizon is now reconsidering its acquisition, according to Fortune, which reported last month that it wants to change the terms of the sale to reflect the economic damage from the two hacks.

In Monday’s filing, Yahoo warned that its name change and board resignations were contingent upon whether Verizon decides to renegotiate the sale.

This article originally appeared on PCMag.com.

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