Yahoo Inc. recently announced that it’s changing its name once it completes the sale of its core business to Verizon Communications Inc. While it’s not unusual for companies eager to turn over a new leaf to change their name, corporate lawyers say the strategy is expensive and in-house legal teams have their work cut out for them.
In a Jan. 9 U.S. Securities and Exchange Commission filing, Yahoo revealed that six executives will step down from the board when the deal with Verizon closes, including current chief executive officer Marissa Mayer. The Sunnyvale, California-based company also included in the filing plans to rename the leftover assets after the deal goes through (if it does, in fact, happen). This remaining part of the company will be called “Altaba Inc.,” thought to be a combination of the words “alternative” and “Alibaba,” which Yahoo owns a stake in.
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