Techcrunch has reported that the board members of Yahoo have decided to rename the company Altaba Inc. CEO Marissa Mayer has resigned.
Techcrunch says that filing with the Security and Exchange Commission confirms the name change and it also indicates that company’s sale to Verizon is moving forward. Verizon will acquire majority of Yahoo’s assets after the sale, and Altaba Inc. will retain a stake of 15% in Alibaba and 35.5% stake in Yahoo Japan.
Yahoo search engine, blogs, email service, and other properties on the homepage will continue to operate under Verizon. Altaba will get whatever is left after Verizon sale. Altaba board now has five members: Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. Altaba now is a holding company that owns stock and patents.
Users of Yahoo’s web services won’t notice any change when Verizon sale closes. Yahoo has recently disclosed two hacks and analysts speculate this could put the deal with Verizon in jeopardy.