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May 08, 2012 at 15:16 PM EDT
As the Yahoo! Turns: Board Committee to Examine CEO’s Background
Yahoo! (YHOO) shares are down 4 cents at $15.31 as the company continues to plod through the eye of the Resumegate since it was revealed last week that CEO Scott Thompson‘s curriculum vitae was not exactly kosher. To recap, Third Point LLC, a 5% holder of Yahoo! stock, last Thursday sent a letter to the [...]
Yahoo! (YHOO) shares are down 4 cents at $15.31 as the company continues to plod through the eye of the Resumegate since it was revealed last week that CEO Scott Thompson‘s curriculum vitae was not exactly kosher.
To recap, Third Point LLC, a 5% holder of Yahoo! stock, last Thursday sent a letter to the company’s board saying Thompson had misrepresented in his resume that he had a “degree in accounting and computer science” in Yahoo!’s 10-K filing from last year, while his college, Stonehill College, offered only one course in computer sci.
Yahoo! responded later that day that the inaccuracy was “inadvertent,” and that Yahoo!’s board would review the situation. The next day, Third Point shot back at Yahoo!, saying the company’s promise to look into the matter was “too little and months too late.”
AllThingsD‘s Kara Swisher followed up on Sunday, reporting that Thompson was working the phones over the weekend, telling staff that the controversy was a “personal vendetta” against him by Loeb. Swisher opined that “At this point, it seems unlikely that Thompson can regain the confidence of many at Yahoo [...] until he can render some cogent explanation about how the borked bio got into both Yahoo!’s public site and also its more critical regulatory filings.”
Earlier today, Swisher followed up with a new item in which she writes that Yahoo! let go board member Patti Hart, who was in charge of the executive search that brought Thompson in, intends not to stand for re-election to the board, citing unnamed sources.
Which brings us to the latest development, Yahoo!’s board announced a short while ago that it has formed a “special committee to conduct a thorough review of CEO Scott Thompson’s academic credentials, as well as the facts and circumstances related to the review and disclosure of those credentials in connection with Thompson’s appointment as CEO.”
Thompson was appointed in January.
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