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

Editors Pick
Facebook Inc. (FB), Wednesday reported a jump in profit for the second quarter, as the social networking giant's bottom line continues to be driven by soaring ad revenues. Both earnings and revenues trumped Wall Street expectations, sending shares up by 6 percent in the extended hours. Menlo Park,... Boeing Co.(BA) reported a loss for the second-quarter 2016 compared to profit in the prior year, reflecting 787 cost reclassification and charges on the 747 program and the KC-46 Tanker program, partially offset by solid execution and higher volume. It cut its profit outlook for fiscal year 2016, while it reaffirmed annual revenue guidance. Automaker Fiat Chrysler Automobiles NV on Wednesday reported a 25 percent increase in profit for the second quarter from last year. However, quarterly net revenues and worldwide shipments declined from last year.
comments powered by Disqus
Follow RTT