Yahoo Inc. announced yesterday several longterm directors, including CEO Marissa Mayer and co-founder David Filo, will step down from the board.

The move is contingent on Verizon Communications Inc.'s buyout of the company.

After the sale of Yahoo's core internet business, the company's name will change to Altaba Inc. from RemainCo, Yahoo said in a regulatory filing. Altaba’s remaining assets include Yahoo’s stake in Alibaba Group Holding Ltd. and Yahoo Japan.

Mayer is expected to stay on with Yahoo once the deal is complete.

Read more from The Wall Street Journal.