Yahoo announced today that six executives would be leaving its board of directors and the part of the company not acquired by Verizon would change its name. These latest revelations came in a filing that the company made with the SEC.
In the filing, Yahoo announced that as soon as the sale of the company to Verizon has closed, its board will be reduced to five directors: "Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue" … "David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb" would not, the filing stated.
What's left of Yahoo after the Verizon acquisition closes will also be called something different. "The Board also determined that, following the Closing, it intends to cause the Company’s name to be changed to Altaba, Inc.," the SEC filing states.
Yahoo, one of the most controversial companies of last year, is home to the two largest security breaches in internet history. The company's troubles of late are said to be causing Verizon to rethink its proposed $4.8 billion acquisition.