Yahoo intends to change its name to ‘Altaba’ and Chief Executive Officer Marissa Mayer would step down from the board once the sale of its internet portal to Verizon is completed.
Yahoo has a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon for $4.8 billion dollar.
The deal with Verizon has been under a cloud since Yahoo disclosed two major breaches of its user database. The latest, which was disclosed in December 2016 but which happened three years earlier, involved the theft of details on a billion users. That makes it the largest internet data breach ever disclosed.