Yahoo is to change its name to Altaba after it sells its main internet business to the telecoms firm Verizon Communications.
The sale will leave it as a holding company with stakes in Chinese e-commerce company Alibaba and Yahoo Japan – 15 percent of Alibaba and 35.5 percent of Yahoo Japan.
Chief Executive Marissa Mayer will also leave the board, which is being slimmed down. The former Google executive is expected to remain with Yahoo once it becomes part of Verizon.
However the deal is by no means certain to go ahead in its current form. Verizon is reviewing it after Yahoo disclosed two major hacks of its users data. There were two separate data breaches; one involving some 500 million customer accounts and the second involving over a billion.
The core internet business includes Yahoo’s digital advertising, email and media assets and is being sold for $4.83 billion (4.57 billion euros).