Yahoo CEO Marissa Mayer, chairman of the board Maynard Webb, Yahoo cofounder David Filo, and three other current board members will step down from theirs posts once the sale with Verizon closes. According to reports, once the $4.8 billion sale acquisition goes through, Yahoo is said to change its name to Altaba Inc. Yahoo has originally been valued at $125 billion, meaning it was sold for 1/25 of what it was worth 15 or so years ago.
Daily Mail reported that these details were revealed in a SEC filing, and that Mayer will be given a $55 million severance package. Mayer's resignation is "not due to any disagreement with the company on any matter relating to the Company's operations, policies or practices," the filing says.
Multiple news sources claim that the company's name will then be changed to Altaba. Altaba is believed to be a portmanteau of the word "alternate" and "Alibaba," a Chinese e-commerce company in which Yahoo is a stakeholder.
But no, that's not actually the case. Yahoo Finance reported that Yahoo will keep its name, and Altaba is the name of the entity which was formerly called "RemainCo," and this entity will remain after Verizon closes its acquisition. It will contain a 15% stake in Alibaba, a 35% stake in Yahoo Japan, and a small portfolio of patents called Excalibur.
As a matter of fact, Yahoo already divulged, in an SEC proxy filing back in September 2016, that the remaining company after the Verizon sale would get a new name. Verizon is buying the assets of Yahoo Core, and the Yahoo that everyone knows (email, search and Yahoo Media) is not going to change its name.
Yahoo Finance emphasized that after Yahoo joins Verizon, verticals like Yahoo Finance, Yahoo News, and Yahoo Sports will not start going by the name Altaba, and the Yahoo media brand will remain intact.