Yahoo! Inc. stockholders approved the proposed sale of the company's operating business to Verizon Communications Inc.
The company expects the sale to close June 13. Following the closing, the company will change its name to Altaba Inc. and register as an investment company. Yahoo CEO Marissa Mayer and CFO Kenneth Goldman will step down after the closing.
The acquisition reportedly could lead to up to 1,000 job cuts at Yahoo and AOL Inc.