Guess who? Yahoo? No, it's Altaba
What little will remain of Yahoo following the divestment of its core assets will change its name to Altaba to reflect its new, much slimmer structure.
Yahoo disclosed the planned name change in a filing to the US Securities and Exchange Commission (SEC).
The company also announced it will reduce the size of its board to five after the sale closes. Its new board will consist of existing directors Tor Braham and Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith.
Brandt will take the position of chairman and now-former board member Maynard Webb has been named chairman emeritus.
Yahoo arranged to sell its core internet business to Verizon for around US$4.83 billion ($6.55 billion) during a deal announced in July, effectively bringing an end to Yahoo’s operations as they had previously been known.
The bulk of the remainder of Yahoo’s assets include around US$41 billion worth of investments in China’s Alibaba, and sources told the Washington Post that the name change is designed to indicate that Altaba’s stock can now be tracked as an alternative to Alibaba.
On the record Yahoo has not given a reason for the relabelling, but the company had flagged plans to change its name while announcing the planned sale to Verizon last year.
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