Yahoo CEO Scott Thompson has finally resigned
It was just a matter of time before Scott Thompson, CEO of Yahoo was forced out after it was disclosed that he embellished his resume.
Thompson resigned on Sunday, after insisting all week that he would not stay in his position and vainly urging the company to get back to business as usual.
Thompson will be replaced on an interim basis by Ross Levinsohn, Yahoo’s global head of media, the company said in a statement on Sunday.
In removing the CEO, Yahoo also struck a deal with Third Point’s Daniel S. Loeb to end the ongoing hedge fund manager’s proxy fight.
The New York Times reports:
Under the settlement, the activist hedge fund manager and two of his director nominees, Michael J. Wolf and Harry Wilson, will be seated on the board. A fourth candidate, former NBC head Jeff Zucker, will withdraw his nomination.
Fred Amoroso, one of Yahoo’s new directors and the leader of an internal inquiry into Mr. Thompson’s credentials, will take over as chairman effective immediately.
“The board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders and further accelerate the substantial advances the Company has made operationally and organizationally since last August,” Mr. Amoroso said in a statement.
It was just a matter of time for Thompson, who had included in his resume a Bachelors concentration in Computer Science, which it turned out, he had not obtained.
In the middle of his battle with Third Point, the latter disclosed the inaccuracy in his resume, with ensuing fallout leading to his eventual departure.
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