By Maria Armental

Yahoo Inc. said its Chief Executive Marissa Mayer and co-founder David Filo will step down from the board after the sale of its core business is completed, and the company will change its name to Altaba Inc.

The company said in a regulatory filing that the moves would happen after the closing of the roughly $4.8 billion sale of its core business to Verizon Communications Inc. The Yahoo-Verizon sale has been endangered by two huge hacks of Yahoo's user data.

Also leaving the board will be chairman Maynard Webb -- who as of Monday became chairman emeritus -- as well as former chairman Eddy Hartenstein, Richard Hill and Jane Shaw.

Eric Brandt, Broadcom Corp.'s former chief financial officer, has replaced Mr. Webb as board chairman.

Ms. Mayer was named CEO of Yahoo after she came over from Google in 2012.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

January 09, 2017 18:14 ET (23:14 GMT)

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