Yahoo chief executive office Marissa Mayer and co-founder David Filo are leaving the company once the company officially completes its sale to Verizon.
According to a recent filling with the US Securities and Exchange Commission, Mayer, Filo, and several other board members are stepping down. The company will also change its name to Altaba, Inc. Verizon is reportedly buying the company's core business for roughly $4.8 billion USD.
At the end of last year, Yahoo revealed that two unauthorized breaches compromised a total of 1 billion users, the largest single-company data breaches in history. According to a New York Times report, security teams often butted heads with Mayer, who wanted to place emphasis on a cleaner UI for Yahoo's users rather than beefing up security.
Yahoo was once the top search site on the Internet, and in 1998 had a chance to buy off its competitor Google for $1 million.