Yahoo moves out Scott Thompson over 'fake' degree
NEW YORK - Yahoo chief Scott Thompson was moved out over allegations that he had included a fake computer science degree in his CV, just four months after he took over the company.
The Sunnyvale California-based company said Sunday that its global media head Ross Levinsohn will be interim CEO.
Levinsohn made his name running News Corp's Fox digital business. Director Fred Amoroso has been named chairman, replacing Roy Bostock, the non-executive chairman, who is leaving the board immediately.
Scott Thompson was the third CEO Yahoo replaced in as many years. Thompson's exit is a victory to activist investor Daniel Loeb, who had been pushing for the overhaul.
The company also gave three board seats to a hedge fund led by Loeb.
Thompson had allegedly claimed that he received a degree in accounting and computer science from Stonehill college in 1978.
According to reports, Thompson did receive the accounting degree, but the college said it did not begin a computer science programme until 1983 - five years after he had graduated. This error was brought to light by Loeb in a May 3 letter to Yahoo's board.
After Carol Bartz was fired as CEO from Yahoo by phone in September last year, it was widely expected that Levinsohn would succeed him. However, Thompson, 54, took the chief's role in January.
Yahoo initially dismissed the controversy over Thompson's CV as an "inadvertent error",' but had to buckle following criticism from employees, shareholders and corporate governance experts.
Activist shareholder group Third Point, which owns about 5.8 per cent of Yahoo, had stepped up pressure on Yahoo over Thompson's resume.
The departure of Thompson has caused another upheaval within months in the company, which was once a leader in Web search and online information.
Yahoo's sales tumbled 31 per cent last year from a peak three years earlier, and its market value has dropped by more than half since the end of 2005, according to Bloomberg.
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