Yahoo CEO Marissa Mayer, co-founder David Filo announced Monday plans to leave the company's board once it is sold to Verizon.
Mayer was hired in July 2012 to help bring new life to the flailing company.
In addition to changes within Yahoo's board, the company will also get a new name once it completes a $4.8 billion sale to Verizon, according to USA Today.
The Yahoo branding you know so well will stick around but the company's name will become Altaba.
A company filing with the Securities and Exchange Commission noted that the departures are "not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices."
Last week, a senior Verizon executive reportedly told USA Today that the company planned to purchase Yahoo but "expressed doubts over the deal."
Social media users have already had their fun with the company's new name, prompting the hashtag #altaba to trend on Twitter.