Yahoo Leftovers Will Be Called Altaba, Mayer Will Not Be On Board

Yahoo Inc. disclosed Monday afternoon that the entity that remains after its merger with Verizon Inc. will be called "Altaba," and current Chief Executive Marissa Mayer will not be on the board. In a filing with the Securities and Exchange Commission, Yahoo said that the new company -- which consists of Yahoo's remaining investment in Alibaba Group Holding Ltd. and Yahoo Japan, as well as cash and a few other assets -- will only need five board members, and Mayer as well as Yahoo cofounder David Filo will not be among them. The five Yahoo board members who will remain are Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith, Yahoo said, with Brandt serving as chairman of the board beginning Monday. Verizon agreed in July to purchase Yahoo's core business for $4.8 billion, though recent revelations about hacked Yahoo accounts have put the deal in question. Yahoo shares gained about 0.1% in late trading Monday after closing with a 0.3% gain at $41.34.