Yahoo! Inc. (NASDAQ:YHOO) has announced that it will be making changes if the deal with Verizon Communications Inc. (NYSE:VZ) is completed.

Yahoo! Inc. is planning to be acquired by Verizon Communications Inc.. If this comes to pass, the company says that it will change its name. The new name that YHOO has chosen for itself is Altaba Inc. The decision was made by the search engine company’s Board of Directors.

Unnamed sources claim that the name Altaba is a combination of two words: “alternate” and “Alibaba.” Once the deal with Verizon Communications Inc. is complete, YHOO’s remaining assets will be its stake in Alibaba Group Holding Ltd (NYSE:BABA), as well as its Yahoo Japan business, reports The Wall Street Journal.

If the deal with Verizon Communications Inc. goes through, Yahoo! Inc. will also be making changes to its Board of Directors. Specifically, it wants to reduce the number of members on the board by five.

So long as the deal with Verizon Communications Inc. is a success, Yahoo! Inc.’s David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw and Maynard Webb will resign from its Board of Directors.

The remaining members of the Board of Directors will be Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith. Brandt is also taking over as the Chairman of the Board. The previous Chairman was Maynard Webb. He will now serve as the Chairman Emeritus of the Board.

YHOO stock was up 2% and VZ stock was up slightly as of Tuesday morning.