Yahoo (YHOO) Just Announced What Its New Name Will Be

According to a Reuters report, Yahoo announced on Monday what the company’s new name will be as its in the process of being acquired by Verizon for billions of dollars. Its new name will be Altaba Inc.

Next to this big announcement, Yahoo also said that its current CEO Marissa Mayer will be stepping down and that Eric Brandt will be the new chairman of the board.

The Wall Street Journal released a report announcing that the company’s co-founder David Filo would be also stepping down. According to the Journal citing a source familiar with the matter, Altaba Inc. is a name that is a combination of “alternate” and “Alibaba,” the Chinese internet company.

Verizon executives previously announced that they are still investigating the security breaches that Yahoo announced last year.

Disclaimer: We have no position in Yahoo! Inc. (NASDAQ: YHOO) and have not been compensated for this article.