Yahoo CEO Marissa Mayer will step down from the board of directors and the internet giant will change its name to Altaba, Inc. after part of the company is sold to Verizon, according to a Monday filing with the Securities and Exchange Commission.
Verizon announced plans to acquire Yahoo in July for approximately $4.83 billion. The deal doesn’t include Yahoo’s share in the Chinese online retail giant Alibaba or Yahoo Japan, which would continue to exist seperatley as part of Altaba. The Wall Street Journal reported that the new name is a combination of the words “alternate” and “Alibaba,” citing…