With Verizon’s acquisition of Yahoo moving closer to completion, it is revealed that the former Internet giant will be renamed to Altaba.
Chief executive Marissa Mayer will also step down from the board of the investment company that will be created afterwards.
Others who have step down include Maynard Webb, Yahoo co-founder David Filo, Eddy Hartenstein, Richard Hill, and Jane Shaw.
Mayer was named CEO in 2012, coming over from Google.
The directors that will remain with Altaba after the closing of the Verizon sale are Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith.
Yahoo agreed to sell its web properties to Verizon in a deal valued at about $4.8 billion. However, following that acquisition, Yahoo’s investments in Alibaba Group and Yahoo Japan will remain, as will convertible notes and non-core patents. It’s those remaining parts, currently named RemainCo, that will operate as Altaba.
In a regulatory filing, Yahoo said the departures are “not due to any disagreement with the company on any matter relating to the company’s operations, policies, or practices.”
Yahoo had revealed two separate hacks of user data. Last September, a hack exposed the personal data for 500 million Yahoo users. Three months later, the company again suffered a breach that exposed the data of 1 billion customers.
Verizon executives have said publicly that they are weighing their options, including potentially paying less than the agreed-upon $4.8 billion.
The Yahoo acquisition will lead Verizon to firm up its operations in the digital ad space.
Verizon makes most of its money from mobile phone connections while Yahoo generated more than twice as much revenue from search and display ads on desktop computers.
And here is how Twtteratis reacted:
“Steve Jobs would never have renamed Yahoo to Altaba.”
— not Jony Ive (@JonyIveParody) January 9, 2017
Altaba—that’s what you get when you start the process with a domain name search.
— Dominik Porada (@porada) January 10, 2017
Spare a moment for people still getting their weather forecast from Altaba 😂
— Fredrick Egbuedike (@Fredilly) January 10, 2017
Goodbye! Yahoo to rename itself ‘Altaba’ after Verizon Dealhttps://t.co/6zunQBoMRI
— Diala Othman ديالااا (@diala_othman) January 10, 2017
— HK (@hongkai14) January 10, 2017
After selling its core businesses to Verizon, Yahoo! is changing its name to “Altaba,” a hideous portmanteau of “alternative” and “Alibaba.”
— Nick Kapur (@nick_kapur) January 10, 2017
— Michael Vasanth (@Michael_Vasanth) January 10, 2017