Yahoo to Change Name, Trim Board If Verizon Deal Gets Done

Yahoo to Change Name, Trim Board If Verizon Deal Gets Done
Inside the Yahoo headquarters in Sunnyvale, Calif., Nov. 5, 2014. AP Photo/Marcio Jose Sanchez
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SAN FRANCISCO—Yahoo will adopt a new corporate identity and slash the size of its board if the proposed $4.8 billion sale of its digital services to Verizon Communications goes through.

The company plans to change its name to Altaba Inc. after it turns over its email, websites, mobile apps and advertising tools to Verizon. The new name is meant to reflect Yahoo’s transformation into a holding company for investments in China’s e-commerce leader, Alibaba Group, and Yahoo Japan that are worth about more than $40 billion combined.

Yahoo CEO Marissa Mayer, co-founder David Filo and four other directors currently on the company’s 11-member board will resign after the planned sale to Verizon closes. Verizon is expected to retain Yahoo’s brand under its ownership.

Yahoo President and CEO Marissa Mayer at the International Consumer Electronics Show in Las Vegas on Jan. 7, 2014. (AP Photo/Julie Jacobson)
Yahoo President and CEO Marissa Mayer at the International Consumer Electronics Show in Las Vegas on Jan. 7, 2014. AP Photo/Julie Jacobson