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Yahoo said Monday that it would rename itself Altaba and CEO Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications.

Yahoo has a deal to sell its core Internet business Cheap Ryan O'Reilly Hoodie , which includes its digital advertising, email and media assets, to Verizon for US$4.83 billion.

After the sale, the company will change its name to Altaba from RemainCo Cheap Benoit Pouliot Hoodie , Yahoo said in a regulatory filing on Monday. Altaba's primary assets will be a 15 per cent stake in Chinese e-commerce company Alibaba Group and 35.5 per cent stake in Yahoo Japan.

The name is a combination of the words “alternate” and “Alibaba,” the Wall Street Journal said, citing a source familiar with the matter.

The terms of that deal could be amended - or the transaction may even be called off - after Yahoo last year disclosed two separate data breaches; one involving 500 million customer accounts and the second involving more than a billion.

Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches.

Five other Yahoo directors would also resign after the deal closes Cheap Rasmus Ristolainen Hoodie , Yahoo said.

The new company also named Eric Brandt chairman of the board, effective Jan 9.

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