Yahoo (YHOO) disclosed late Monday that it will change its name to Altaba after selling its core operations to Verizon Communications (VZ).
Current CEO Marissa Mayer is one of several Yahoo board members who will resign, leaving just five directors. It's unclear if Mayer will have any role with the rump company.
Yahoo announced the new name and structure in an SEC filing.
It's still unclear if Verizon will go through with its planned acquisition of Yahoo's operations at the current $4.8 billion price tag after Yahoo late last year disclosed two massive hacks.
Altaba, as the name hints at, will largely consist of stakes in Chinese e-commerce giant Alibaba (BABA) and Yahoo Japan. Yahoo's $39.4 billion market cap largely reflects its Alibaba and Yahoo Japan stakes, which is one reason why doubts over the Verizon deal have not tanked the stock.
Yahoo shares were little changed in late trading on the stock market today. Yahoo stock closed the regular session up 0.3% to 41.34, after retaking its 50-day line last Thursday.
RELATED:
Alibaba Founder Ma Describes Trump Meeting As Very Productive
