Print 23 comment(s) - last by pakigang.. on May 16 at 2:16 AM

Former Yahoo CEO Scott Thompson  (Source:
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

Comments     Threshold

This article is over a month old, voting and posting comments is disabled

RE: What's in a degree?
By Maiyr on 5/14/2012 12:26:16 PM , Rating: 0
- the point is that they didn't develop their skills in college either

I can't recall the last time I saw a doctor, lawyer, mechanic or accountant that I asked to see their credentials and then followed up to see if those credentials were even real...

Hi, mister mechanic, um, you went to Yale, right. Cause if not you aren't touching my lawn mower

The point here is that in many cases real world experience will trump book experience.


RE: What's in a degree?
By amanojaku on 5/14/2012 12:50:48 PM , Rating: 2
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?

"So if you want to save the planet, feel free to drive your Hummer. Just avoid the drive thru line at McDonalds." -- Michael Asher

Copyright 2016 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki