Yahoo To Be Renamed 'Altaba'; CEO Marissa Mayer To Quit Board After Verizon Acquisition

Yahoo CEO Marissa Mayer is set to step down from her position after Verizon’s completion of its $4.8 billion acquisition of the company.

The company is also set to change its name to Altaba, following numerous controversies over the past few years, which included the hack and consequential leak of over 1 billion user account details.

Co-founder David Filo, and chairman Maynard Webb will also take their bow. Eric Brantd, a former CFO at Broadcom and new Yahoo board member was on Monday named as chairman, effective immediately.

Mayer first arrived at Yahoo in 2012 after more than a decade at Google. Her tenure has been controversial, with the CEO facing a lawsuit last year that claimed she had purposely purged male employees.

Yahoo is the second early Web giant that Verizon has sought to buy after its aquisition of AOL for $4.4 billion in 2015.