Yahoo sign on the side of headquarters. (Image: Alamy)

* Firm will be renamed to Altaba

* CEO Marissa Mayer will step down from board

* Five other Yahoo directors would also resign after deal is closed

Yahoo Inc said Monday that it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc.

Yahoo has a deal to sell its core internet business, which includes its digital advertising, email, and media assets, to Verizon for $4.83 billion.

The terms of that deal could be amended – or the transaction may even be called off – after Yahoo last year disclosed two separate data breaches; one involving some 500 million customer accounts and the second involving over a billion.

Why it took 700 days to discover Yahoo accounts hacking?

 
Concern over data breaches
Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches.

Five other Yahoo directors would also resign after the deal closes.

The remaining directors will govern Altaba, a holding company whose primary assets will be a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd and 35.5 per cent stake in Yahoo Japan.

(Yahoo faced another moment of decision, back in 2014)

The new company also named Eric Brandt chairman of the board, effective January 9.