LONDON (ShareCast) - (ShareCast News) - Internet company Yahoo! Inc will be renamed Altaba after the closure of Verizon Communications' deal to buy its core internet business, while chief executive officer Marissa Mayer will step down from her position.
In a regulatory announcement released on Monday, in addition to Mayer's resignation from the board, five other directors confirmed their departures after the closure of the deal.

Mayer's resignation from the board of the new entity is "not due to any disagreement with the company on any matter relating to the company's operations, policies or practices," according to the filing.

In addition, Eric Brandt was named chairman of the company's board, effective from 9 January.

Yahoo agreed to sell its core business for $4.83bn last year, but the deal has been put under pressure after details emerged of two large-scale hacks of its account holders.

Verizon is said to be considering its position in the agreement while an investigation into the hacks is ongoing, with some reports suggesting they might pull out of the deal altogether.

The hacks are considered to be two of the biggest in the history of such cyber-attacks, and could lead to customers' bank account and online shopping details being accessed by criminals.

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