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
The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world. Toyota accepted the resignation of its Chief Communications Officer Julie Hamp, following her arrest in Japan for allegedly mailing banned painkillers to her address in Japan from U.S.
comments powered by Disqus
RELATED NEWS
Trade YHOO now with 
Follow RTT