Scott Thompson resigns as Yahoo CEO

By on May 13, 2012, 9:16 PM

Scott Thompson has resigned as the CEO of Yahoo after the Internet company discovered that he had falsified information on his resume with regards to his educational background. The company has since named Ross Levinsohn as interim CEO, although his position could be made permanent according to one source as reported by the Wall Street Journal.

Third Point hedge fund CEO Daniel Loeb sent a letter to Yahoo’s board earlier this month pointing out that Thompson did not receive a degree in “accounting and computer science” and in fact, Stonehill College (where Thompson graduated) didn’t even offer a computer science degree during the time he was enrolled.

Yahoo vowed to review the findings and with this latest news, it must have been damning enough that board members wished for him to leave his position with the company. Despite telling those at Yahoo that he wasn’t responsible for the flawed biography, he opted to step down as CEO, the fourth person to vacate the position in the past five years.

A person familiar with the situation told the WSJ that Yahoo will continue to investigate the matter to see if Thompson could be fired with cause. Doing so would mean he would lose out on millions of dollars in severance pay.

Moving forward, Levinsohn will take over as interim CEO and Fred Amoroso was named nonexecutive chairman. Yahoo also agreed to give Third Point, who owns roughly six percent of Yahoo shares, three seats on the board with one of those spots going to Loeb. Harry Wilson and Michael J. Wolf will occupy the two remaining seats.

User Comments: 6

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Guest said:

Well, don't cry for Scott Thompson, he is already receiving job offers...


madboyv1, TechSpot Paladin, said:

Oh, you're so silly guest...

Guest said:

Great! Now if Yahoo could just fess up and properly label Flickr as an adult oriented website instead of pretending it's family-friendly. They'd probably lose less advertisers that way.

ikesmasher said:

Maybe the new CEO will fire all of their news writers and hire new ones.

treetops treetops said:

Wow that makes me want to lie on my resume, if the head of yahoo could get away with it.... Rocket scientist is probably a bit much. Hmm lion tamer? I like yahoo but when they come out with a article that says college aint worth it! then a week later, why you must go to college! they lose credibility quite fast. Then they have those political articles every so often, usually the right leaning ones that only people with god knows what browser can comment on them. Iv tried FF IE and Chrome with no success. Another gripe is 30 second advertisement videos on 15 second clips. Lets see comments dont load right on chrome anymore either, this might be do to my adblockers though. The newish mail system sucks I keep hitting back n getting taken out of mail, maybe thats a personal problem. After the last ceo they cut Kim Kard articles by like 90%, shoulda went with 100%. Oh yeah and the articles that are about a amazing new car you click and there is no photo. You can always see the boos in the comments, they might be trolling idk. Lastly the people who comment and somehow thumb themselves up are annoying. First it was done by people trying to promote dating sites, now you see it with political nut jobs and or paid political commenters. For example you will see right at the start of article someone will say like f that (racist quote) and have like 100 thumbs up, 5 minutes later its a 107-300 dislike ratio.

p.s. Besides all that I like yahoo.

Tygerstrike said:

Well if its good for the goose its good for the Gander. Im happy to see Yahoo doing this. It appears to show that the company values honesty and integrity. That may not be the truth, but it buys them a nice "pass". They did have to give up 3 seats on their board to a group that only holds 6% of Yahoos shares. Really unheard of normally. Looks more like a business powerplay to me.

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