From what I recall, Tim Armstrong claimed the name reflected Verizon's promise to do right by AOL and Yahoo, or some other such complete nonsense. Internally, everyone I knew thought it was on par with Tronc for worst rebrand ever.
I was at Yahoo until just before the sale to Verizon, which happened because the first attempt at spinning off the Alibaba shares tax-free failed. In the first attempt, Yahoo created a new company called Aabaco, which super conveniently could reasonably apply for the stock ticker AABA. (Alibaba had BABA)
When the first attempt failed, they needed an ALTernative solution, so they sold the core business to Verizon, and promptly renamed the company from Yahoo to Altaba and changed their stock ticker from YHOO to AABA.
Meanwhile, the press were super confused about the name change and there were a bunch of articles with people speculating on the name change, wondering what the name meant, etc, etc, because noone apparently could imagine that the name change was exactly as lazy and uninspired and dumb as it was.
I am pretty sure the OATH name was thought up by the same fine minds, and that it was equally uninspired and dumb. If you and your colleagues inside Verizon smelled corporate bullshit, I think that just strengthens my case.