Yahoo’s Chief Executive Officer Marissa Mayer, and 5 more members of the current 11-member board of Yahoo, plans to leave the board after the deal closes. Not only that, but they plan on changing the name to Altaba.
There is a current $4.8 billion dollar deal for Verizon Communications, Inc. (NYSE: VZ) to buy Yahoo! Inc. (NASDAQ: YHOO) internet business. Verizon executives claim they still need to investigate the data breaches that had occurred in Yahoo’s history before they can confirm the purchase. Last year, Yahoo disclosed two data breaches that, put together, included over 1.5 billion customers accounts breached.
According to The Wall Street Journal, the reason for the name Altaba is because its remaining assets that weren’t bought by Verizon include Alibaba Group Holding and Yahoo Japan, and the name would be a combination between ‘alternate’ and ‘Alibaba’.
The remaining members of the board would run the company, with Eric Brandt as the new chairman of the board.