Following the close of its merger with Verizon, Yahoo! will be changing its name to Altaba, according to an SEC filing.
Verizon agreed to buy Yahoo!’s core internet business for $4.8 billion last year in July, excluding Yahoo’s 15% stake in Chinese retail giant Alibaba and 35.5% stake in Yahoo! Japan, which is a joint venture with Softbank. These assets will continue to exist in an individual, separate company named “Altaba” as the deal closes.
Yahoo! CEO Marissa Mayer, cofounder David Filo, and four other Yahoo! executives will resign from the board effective upon the closing “to facilitate the transition of the Company to an investment company”. Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will remain with Altaba to serve as directors of the company following the closing, and Brandt will serve as chairman of the board.
The filing stated that Mayer’s resignation is “not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
In July last year, AOL spokeswoman Caroline Campbell said that Yahoo!’s web business will be merged with AOL, and “Yahoo brands [such as Yahoo Finance and Yahoo Sports] will not go away.” Instead, they will exist alongside other AOL properties.