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Former Yahoo CEO Scott Thompson  (Source: sfgate.com)
Ross Levinsohn, Yahoo's head of global media, has been named interim CEO

Yahoo Chief Executive Officer Scott Thompson has stepped down from his position after giving false information regarding his credentials earlier this year.

Thompson, who was previously the president of eBay's online payment system PayPal, took the position of Yahoo CEO in January in an effort to help the struggling search company compete against the likes of Google. However, Thompson's leadership took a tumble when it was discovered that he had lied about his degree.

Thompson said he earned a bachelor's degree in computer science from Stonehill College. However, an eBay executive that worked with Thompson prior to his Yahoo CEO position said that Thompson only had a degree in accounting.

As it turns out, the accounting degree was the correct version of the story, and it was listed in eBay's regulatory filings. But in Yahoo's April 27 10-K filing, the computer science degree made an appearance instead.

The scandal placed bad light on Thompson, and now, he has officially stepped down from his position as Yahoo CEO. Ross Levinsohn, Yahoo's head of global media, has been named interim CEO.

Yahoo also decided to do some spring cleaning when it came to its board of directors. Fred Amoroso was named Chairman of the Board of Directors, replacing Roy Bostock, who stepped down from his role as Non-Executive Chairman. Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson have all stepped down from the board as well.

In addition to a shake-up in upper management, Yahoo closed a deal with Third Point LLC to end a proxy fight. Third Point, which owns about 5.8 percent of Yahoo, was able to send three of its nominees to Yahoo's Board under the new agreement. The nominees include Daniel Loeb, Harry Wilson and Michael Wolf, and they will join the board May 16, 2012.

"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," said Amoroso. "The Board believes in the strength of the Company's business and assets, and in the opportunities before us, and I am honored to work closely with my fellow directors and Ross to continue to drive Yahoo! forward. On behalf of the entire Board, I would also like to thank Patti, VJ, Arthur, Gary and, in particular, Roy, for their dedicated long-term service and contributions to the Board and Yahoo!"
 
This is Yahoo's third CEO in just three years. In September 2011, former Yahoo CEO Carol Bartz was fired over the phone after making many enemies in the industry. However, she got over it when she made millions of dollars in severance.

Source: Yahoo



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What's in a degree?
By Ristogod on 5/14/2012 9:57:53 AM , Rating: 0
Why don't they evaluate him on his performance before getting hung up on a little fib about a worthless degree. In terms of what you really get out of on degree vs. another, there really isn't that much difference, even between computer science and accounting.




RE: What's in a degree?
By havoti97 on 5/14/2012 10:01:34 AM , Rating: 5
Because he fibbed on a legal document filed to the SEC under oath. The company could be in a lot of legal trouble.


RE: What's in a degree?
By rs2 on 5/14/2012 8:23:01 PM , Rating: 2
It's not quite that simple. In a company the size of Yahoo, I would bet that the CEO has nothing whatsoever to do with preparing the content for SEC filings. At most he probably spent five minutes skimming the prepared document and then signed off on it. In fact, I'd be a bit surprised if he even spent those 5 minutes skimming the document.

Now I'm not excusing his dishonesty, but I think you're taking it a step too far if you're going to try and make it look like the guy intentionally lied in an SEC filing.


RE: What's in a degree?
By mmatis on 5/15/2012 1:17:10 PM , Rating: 2
Yet the SEC doesn't seem to be interested in doing ANYTHING to John Corzine. Quelle surprise!


RE: What's in a degree?
By Arsynic on 5/14/2012 10:50:20 AM , Rating: 2
He lied. Not exactly a quality you want in someone navigating your company through rough waters. What else has he lied about? It becomes a trust issue.


RE: What's in a degree?
By Sylar on 5/14/2012 11:08:13 AM , Rating: 2
Everybody lies

/House


RE: What's in a degree?
By Trisped on 5/14/2012 4:25:34 PM , Rating: 2
Yes, everybody lies.

The point is not that he lied, but where, why, and how he lied.

He lied to an employer and the SEC about his qualification to do his job. In a position which requires a large amount of trust, starting with a lie is a very bad sign.


RE: What's in a degree?
By dark matter on 5/14/12, Rating: -1
RE: What's in a degree?
By pakigang on 5/16/2012 2:16:41 AM , Rating: 1
don't know why he got minus but its ironically the truth.


RE: What's in a degree?
By MrBlastman on 5/14/2012 11:38:45 AM , Rating: 2
Screw him. As the CEO of a company, he should be held to a platinum standard. It has been proven that not only did he lie to Yahoo, but he lied to recruiters many years prior--he was caught red handed.

Allowing him to stay in as CEO is basically telling all Yahoo employees--"Hey, it's okay if you lie as long as you do your job." To the trusting public, like myself, that wouldn't sit well with us at all.


RE: What's in a degree?
By tayb on 5/14/2012 12:12:54 PM , Rating: 2
Nothing. A degree is worthless. I have hired five programmers in the past six months. During the interview process I cannot count the number of people with bachelors or masters degrees in CS, EE, ME, or CE who could not write a simple FizzBuzz program (google it). I hired an accountant, two guys who never stepped foot on a college campus, an art major, and one computer scientist. The likelihood of getting a rock-solid programmer, in my case at least, seemed to be no more likely among college graduates than high school graduates.

The problem here is this guy lied and put the company in a difficult situation. I don't know if I would have canned the guy but I don't know the intricate details. It's easier for a CEO to apologize for lying than it is to find a new CEO.


RE: What's in a degree?
By sprockkets on 5/14/2012 7:54:25 PM , Rating: 2
Heh, you should test them for asperger's syndrome instead. If they have it, that person can do anything computerwise.


RE: What's in a degree?
By Apone on 5/14/2012 12:22:55 PM , Rating: 2
@ Ristogod

- Because Computer Science degrees are worthless according to you, are you implying that professional software programmers/Engineers developed their programming talent/Jedi training and experience in high school? Would you want your lawyer, doctor, mechanic, and Accountant to only have a high school diploma?

- Not sure what experience you have with CS and Accounting but I've taken CS classes and I've taken Accounting classes and bottom line, both subjects are worlds apart. Yes, the common denominator is that they both utilize math but Business Math and Engineering Math are NOT the same, nor can they be lumped into one arbitrary category.

- And yes he did lie on his resume which, according to everyone else's comments, compromises both his and Yahoo's integrity.


RE: What's in a degree?
By Maiyr on 5/14/12, Rating: 0
RE: What's in a degree?
By amanojaku on 5/14/2012 12:50:48 PM , Rating: 2
quote:
The point here is that in many cases real world experience will trump book experience.
I agree with you with regards to experience, as I don't have a college degree, either. I've told employers that up front, and many don't care. Those that do are employers I don't want to work for, because they don't know how to evaluate ability.

The issue here is honesty: you do not lie, for any reason. Withholding information can be a legitimate option in various situations, but you cannot provide false information. He deserves to lose his job for that reason alone.


RE: What's in a degree?
By Apone on 5/14/2012 12:55:29 PM , Rating: 2
@ Maiyr

"the point is that they didn't develop their skills in college either"

- Do you even know what they teach in Computer Science classes?

- Way to miss my point there; I'm not suggesting people demand to see their doctor's or lawyer's credentials before utilizing their services, but it would be comforting to know said professionals have (at the very least), a solid combination of education and industry experience.

- I'm not saying book experience trumps real world experience; I'm just saying academics shouldn't be arbitrarily dismissed. What do you suggest then for high school seniors interested pursuing Computer Science, Engineering, Accounting, or Business? Have them apply for entry and mid-level management/technical/analyst/specialist gigs at Lockheed Martin, Raytheon, Merill Lynch, IBM, etc. with their prestigious high school-educated resume?


RE: What's in a degree?
By someguy123 on 5/14/2012 12:20:40 PM , Rating: 2
The guy managed to snag a CEO seat (yes, I understand it was one of many reasons) with that little fib and fibbed to SEC. The fact that this guy would so blatantly lie yet still manage to get that seat is really telling about how incompetently managed yahoo is in general.


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