Yahoo looks for its fifth chief in five years after Thompson quits
YAHOO’S chief executive Scott Thompson is stepping down after a shareholder drew attention to a fake computer science college degree on his company biography.
The embattled internet firm will now begin the hunt for Thompson’s replacement, and its fifth leader in as many years.
Meanwhile, global media head Ross Levinson will act as interim chief executive with immediate effect, the firm said in a statement last night.
Yahoo has said that Thompson, the former president of eBay division PayPal, did not have a computer science degree from Stonehill College, despite what was stated in his official company biography and in regulatory filings with the US Securities and Exchange Commission.
The error was flagged up by Daniel Loeb, the chief executive of activist hedge fund Third Point, one of Yahoo’s biggest outside shareholders, who subsequently pressured the firm to oust Thompson.
Last week Patti Hart, the board member who led the firm’s last search for a new chief and approved Thompson’s appointment in January, said she would not stand for reelection following the controversy.
Yahoo is in the midst of trying to revive revenue growth and its popularity with consumers, facing fierce competition from Google, Facebook and other online companies.