Yahoo CEO Marissa Mayer will step down from the board of directors and the internet giant will change its name to Altaba, Inc. after part of the company is sold to Verizon, according to a Monday filing with the Securities and Exchange Commission.
Verizon announced plans to acquire Yahoo in July for approximately $4.83 billion. The deal doesn't include Yahoo's share in the Chinese online retail giant Alibaba or Yahoo Japan, which would continue to exist seperatley as part of Altaba. 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.
Mayer, a former Google exec who joined Yahoo as CEO 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 also resign from the board after the deal closes, according to Monday's filing.
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 or not Verizon decides to renegotiate the sale.