Board of Directors of Yahoo Inc. (YHOO: Quote) 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.
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by RTT Staff Writer
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