Yahoo announced last night that Marissa Mayer, the company's president and CEO for nearly five years, will step down from Yahoo's board after Yahoo's planned merger with Verizon is completed. Yahoo co-founder David Filo will also resign from the board of directors.
Once the merger is completed and following the sale of its core businesses, what remains of the company will change its name to Altaba, according to SEC filings. That is, if the deal goes through. Verizon could terminate or renegotiate its $4.8 billion purchase of Yahoo over recent revelations that more than one billion Yahoo user accounts had been hacked.