(SAN FRANCISCO) — Yahoo will adopt a new corporate identity and cut the size of its board in half if the proposed $4.8 billion sale of its digital services to Verizon Communications goes through.
The company plans to change its name to Altaba Inc. after it turns over its email, websites, mobile apps and advertising tools to Verizon. CEO Marissa Mayer and four other directors currently on Yahoo’s 10-member board will resign after the planned sale closes.
But the Verizon deal has been jeopardized by Yahoo’s recent discovery of two separate hacking attacks that stole personal information from more than 1 billion user accounts.
In the only change that took effect Monday, Yahoo director Eric Brandt became the company’s chairman. He replaces Maynard Webb, who becomes chairman emeritus until the Verizon deal closes.