Scott Thompson Stepped Down from the CEO of Yahoo! Inc!
Uh-oh! Last month about two thousands employees of Yahoo! worldwide had to leave the company to save the company’s annual budget of $375 million. The person behind this big layoff was no other than the new Yahoo! CEO at that time, Scott Thompson; or should I say, the FORMER Yahoo! Chief Executive Officer? Yes, a couple of hours ago, the Yahoo!’s board of directors decided to fire him from the head of Yahoo! Inc. Quite ironic, I say!
What was the reason behind this dismissal? About 10 days ago, one of Yahoo!’s investors, Daniel Loeb, filed a report on Scott Thompson stating he falsely claimed a computer science degree on his resume. Yahoo! board of directors then decided to end the scandal by letting Scott Thompson step down, just four months after he replaced Carol Bartz as the CEO! (Just so you know, Yahoo! Inc have had three CEOs in the last three years!) Ross Levinsohn, the executive vice president of Yahoo!, has been appointed as the interim CEO until a permanent replacement can be found.
On the other hand, for his discovery, Daniel Loeb is rewarded three board seats in Yahoo! Inc. Daniel Loeb is the founder of Third Point LLC, a New York based hedge fund company, which also is one of Yahoo!’s biggest shareholders with a 5.8% stake.
Daniel Loeb in 2010. Source: Reuters
On a sad note, according to The Wall Street Journal, Thompson disclosed to several colleagues and Yahoo’s board of directors that he has been diagnosed with thyroid cancer. Some speculated, the Thompson’s decision to resign is partly influenced by this diagnosis.
Well Yahoo!, next time, make sure you check the CV of the future’s CEO carefully, so this embarrassing scandal won’t happen again!
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12 June 2013 / 13 June 2013