After operating as a household name for decades, multinational tech firm Yahoo! Inc. will officially change its name to Altaba. Aside from the drastic name change, the company also parted ways with its CEO Marissa Mayer.
The changes affecting one of the world’s biggest Internet companies and the known direct competitor of Google are the results of its acquisition by Verizon in July last year. As part of the $4.8 billion deal, the telecommunications company will own a huge chunk of Yahoo.
The details of the deal, as well as the major changes that will occur within the coming days, were unveiled through an SEC document filed earlier today.
As the majority owner, Verizon is expected to change the company’s name to Altaba, completely departing from the acronym which stands for Yet Another Hierarchical Officious Oracle, which was coined by Yahoo founders Jerry Yang and David Filo in 1994.
In addition to transitioning to Altaba, Yahoo also trimmed down its board to just five members. This includes Mayer, who was with the company since 2012. Co-founder Filo is also expected to leave the company following its official closing.
The SEC filing noted that the decision of the executives to resign from the company following the acquisition was not the result of disagreements with Verizon or the remaining officials of Yahoo.
Those who will remain to oversee the operations of Altaba include Tor Braham, Catherine Friedman, Thomas McInerney, Jeffrey Smith and Eric Brandt, who was recently named as the new company’s Chairman of the Board.
The official closing of Yahoo will certainly serve as an end of an era for the generations of users and supporters of the company. But for Yahoo, the move the join forces with Verizon became necessary after seeing the drastic drop in gross profits over the past couple of years.