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| CEO Marissa Mayer is leaving Yahoo's board after the Verizon deal. |
The leftover part of the company after the Verizon deal, which owns a $36 billion stake in Alibaba, will be renamed Altaba.
After her company officially sells to Verizon, Yahoo CEO Marissa Mayer is stepping down from the board.
It's been in the headlines for months that Yahoo is selling itself to the telecom giant for $4.8 billion. But actually, it's a little more complicated than that. Not all of the company is being sold, just Yahoo's consumer web business, which includes Yahoo Mail and Sports.
Now the leftovers of the company after the Verizon sale have an official name: Altaba. Yahoo announced the news in an SEC filing on Monday.
After the sale, the remaining part of the company will have a smaller board, too. Also leaving the board is Yahoo co-founder David Filo.
That leftover part of Yahoo is important for investors because it owns a portion of the Chinese e-commerce giant Alibaba worth $36 billion. (Hence the name Altaba.)
The news is just the latest in Yahoo's long march toward a sale. The battered web pioneers announced last year it would be selling its core assets to Verizon. That sale has been in question after Yahoo suffered major black eyes: the disclosure of two major hacks, and a scandal that involved Yahoo reportedly building surveillance tools that let the government scan through customer emails.
Still, Yahoo has asserted it's still "confident" about its value to Verizon.
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