UPDATE: Only the investment part of Yahoo that will be renamed ‘Altaba’, while the main brand will retain its name. Only the part of the Yahoo that is being sold to Verizon will be renamed to 'Altaba'.
Currently Yahoo didn't gave any point for re-branding to Altaba, nor it explains what Altaba means. But the new name Altaba looks similar to the "Alibaba", an Chinese internet giants which is partly owned by Yahoo.
Company CEO Marissa Mayer, the veteran former Google executive who failed to stand the company and make some turnout will be leaving the company's board, along with the Yahoo Co-founder David Filo.
UPDATE:- Mayer is to step down from its board, but will continue to be CEO.
Verizon wants to integrate Yahoo’s internet business with fellow, faded dot-com-era giant AOL, which the telecom giant bought last year for $4.4 billion, in order to gain a stronger foothold in the online advertising space.
Story updated- Thanks Rajesh Chauhan for the clear update.