Big changes are in the works for Internet pioneer Yahoo involving executive management and the famous company’s name.
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 $US40 billion combined.
Eric Brandt, who joined Yahoo’s board last March and is the former chief financial officer of Broadcom Corp., will become chairman of Altaba, according to the filing. He will be joined by four other directors who are currently on Yahoo’s board, including Thomas McInerney, who was part of the independent committee of Yahoo directors running the auction process last year.
Yahoo CEO Marissa Mayer, co-founder David Filo and four other board members will resign after the planned sale to Verizon closes.
The move comes amid news that the deal with Verizon was thrown into doubt following a fresh hacking scandal at Yahoo which was revealed last month.
Yahoo said hackers stole date from more than a billion user accounts in August 2013, in a separate attack from one it had disclosed in September, in which 500 million accounts were compromised.
The hack is thought to be the biggest in history, and last week Verizon said it would evaluate the situation as Yahoo investigates and would review the “new development before reaching any final conclusions”.