Yahoo chief executive officer Marissa Mayer and co-founder David Filo are leaving the company once the company's sale to Verizon is complete.

Yahoo CEO Marissa Mayer. Image Source: Yahoo

According to a filing 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 buying Yahoo's core business for roughly $4.8 billion USD.At the end of 2016, Yahoo revealed two separate 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.The board resignations go into effect once the deal between Verizon and Yahoo closes.Yahoo was once the top search site on the internet, and in 1998 had a chance to buy a company for $1 million that would later become the company we now know as Google.

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