AOL CEO Tim Armstrong will establish the leadership team for Oath, the name of the new organization that will combine the Yahoo! (YHOO) and AOL teams after Verizon Communication's (VZ) - Get Report acquisition of Yahoo! closes.

Armstrong has chosen Yahoo! VP of Engineering Atte Lahtiranta to lead tech, president for Verizon Digital Media Services Ralf Jacob to manage digital media, and AOL president Tim Mahlman to head advertising tech.

Verizon's $4.5 billion deal to acquire Yahoo! is expected to close in June.

Shares of Verizon were lower over 1% during mid-morning trading on Friday.

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