logo
Share SHARE
FONT-SIZE Plus   Neg

Yahoo Forms Committee To Review CEO Scott Thompson's Academic Credentials

Board of Directors of Yahoo Inc. (YHOO) Tuesday said it has formed a special committee to review Chief Executive Scott Thompson's academic credentials. The special committee is chaired by Alfred Amoroso, an independent director, while other members are John Hayes and Thomas McInerney.

Yesterday, Daniel Loeb, the CEO of Third Point, had demanded an inspection of Yahoo's books and records related to the hiring of Thompson who is under fire from the hedge fund for having lied about his academic credentials.

According to Yahoo's SEC filings, the CEO Thompson holds a Bachelor's degree in accounting and computer science from Stonehill College, while in reality he graduated with a degree in accounting only.

Loeb had demanded Yahoo board to terminate CEO Thompson by May 7.

Third Point, which owns a 5.8 percent stake in Yahoo, had also demanded the records to investigate wrongdoing or possible mismanagement by Yahoo in connection with the appointment of Peter Liguori, John Hayes, Thomas McInerney, Maynard Webb, and Fred Amoroso to the Yahoo! board rather than the nominees proposed by Third Point.

For the past few months, both Yahoo and Third Point have been involved in a tussle over the appointment of board directors. Loeb has been pushing for sweeping changes in Yahoo's board and leadership since September 2011. Loeb nominated himself and three others for a place in the Yahoo board. However, Yahoo has been resisting to appoint them to the board.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of Volkswagen AG declined around 3 percent in the morning trading, after the German automotive giant reported Tuesday lower profit and revenues in its first quarter, mainly reflecting weak passenger car volumes and negative currency impacts. Further, the company reiterated its outlook for fiscal 2016, expecting a decline in revenues. For Coca-Cola, patriotism is the new way for marketing and minting profit. The beverage giant joined with United Service Organizations Inc. or USO to bring out limited-edition patriotic Coca-Cola cans at the Memorial Day weekend to honor U.S. Service Members. The Coca-Cola cans are available at convenience stores now through July 4th. The holiday throng seeking to take a flight out to their preferred destinations at the at New York's Kennedy International Airport ahead of the Memorial Day holiday were in for a rude shock. Technology played a spoilsport, as a computer system broke down Sunday evening at a terminal, causing flight delays and cancellations that resulted in manual check-in process for thousands of holiday passeng
comments powered by Disqus
Follow RTT