Yahoo’s CEO has been right in front of the guns of Yahoo’s activist investors ever since it was revealed that he had a resume that falsely claimed that he had a degree in computer science. The row dragged on for quite a few days with Thompson trying to offer explanation of the whole ‘mistake’ but his explanations couldn’t satiate many. So now, he has finally stepped down from his position.
Thompson’s resignation is finally official and Yahoo’s board of directors has chosen Fred Amoroso as the Chairman of the Board. At the same time, the interim CEO is Ross Levinsohn.
This comes as an expected update because the row over Thompson’s resume had turned into somewhat of a nuisance for Yahoo. And not only that, Thompson then tried to pin the mistake on the career placement company which vehemently denied the charge and presented proofs to that end.
Whereas Thompson did have a degree in accounting, his resume stated that he had a degree in both accounting and computer science. This was false and later, we were told that it was all a mistake. But that couldn’t satisfy Yahoo’s investors who went after Thompson and demanded his resignation.
According to the new chairman of board of directors, Fred Amoroso, “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. 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.”
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