Yahoo! CEO Scott Thompson Leaves Company

On Sunday, Scott Thompson resigned from Yahoo! after a heap of controversy over his false claim of earning a Computer Science degree in college, and a proxy battle started by an ‘activist shareholder’. But it was later revealed that Thompson also discovered that he had thyroid cancer, which meant that he would have stepped down anyways.

According to a statement by Yahoo!, the Board of Directors have chosen Ross Levinsohn to lead the company as the interim Chief Executive Officer, or what Steve Jobs would call the iCEO. “Scott Thompson, former Chief Executive Officer, has left the Company,” read the statement.

This all started when a firm called Third Point, which holds around 6% of Yahoo! stock, started a fierce battle with Yahoo!, arguing that the company should have “more aggressively pursued a merger with Microsoft and selected board members who will act in the best interests of the company and its shareholders.” Third Point also said that Thompson and several of the board members were unfit for their positions, showing as proof the false Computer Science degree on Mr. Thompson’s resume, as well as others in the Board who also had fake credentials.

After an investigation found out that the charges were true, Mr. Thompson as well as three of the board members in question resigned. Yahoo! settled the proxy battle with Third Point and let three of the latter company’s nominees to replace the members of the board who left.

You just have to feel sorry for Yahoo!.



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