Fresh scandal for Yahoo as chief Scott Thompson quits in row over fake degree on CV
Monday 14 May 2012
Ailing internet giant Yahoo was thrown into fresh crisis last night as chief executive Scott Thompson agreed to step down after controversy erupted over a fake computer science qualification.
Thompson, pictured, who was only poached from PayPal in January, is expected to be replaced by Yahoo's global media head Ross Levinson on an interim basis.
Thompson's exit is a victory for Daniel Loeb, the hedge fund manager who discovered the discrepancy. He has been harrying Yahoo's board to demand major changes, including seats on the board, which he is now expected to be granted.
Yahoo acknowledged an "inadvertent error" in the boss's biography but claims that he lied on his CV by inventing a degree qualification that his university never offered meant the scandal grew. It was the last thing Yahoo needed as uncertainty over its future has already driven the shares down by a fifth over the last year. Thompson was brought in after former boss Carol Bartz was fired for failing to jump-start strategy. He set about slimming Yahoo by cutting thousands of jobs.
Jerry Yang, Yahoo's founder, announced his departure in January, paving the way for a shake-up or sale of the business which was long ago eclipsed by Google and Facebook.
Loeb declared last week that he would launch a legal action against the company if Thompson remained in his post. "Chief executives have been terminated for less at other companies," he wrote in a letter to Yahoo's board.
- 1 Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 2 iOS 8 apps and features: eight iPhone settings you need to look at after you install the update
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 5 Scotland could still declare independence – even without referendum, says Alex Salmond
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Khorasan: Muhsin al-Fadhli - the man leading a terror group more feared by US officials than Isis
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Alicia Keys leaks own nude photo 'to create a kinder and more peaceful world'
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...
Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...