Monday, May 14, 2012

Yahoo CEO steps down after resume fiasco

Yahoo announced yesterday in a formal statement that CEO Scott Thompson will be stepping down, after it was revealed earlier that he padded the qualifications listed on his resume.

The announcement comes at a time when the once leading search website is being plagued by internal problems, despite trying to retain its already dwindling market share. Yahoo’s global media chief Ross Levinsohn has been appointed as interim chief executive, hot on the heels of another announcement that the board of directors will also receive a shake-up.

Dan Loeb, CEO of Third Point, owns about 5.8% of Yahoo and is the largest outside shareholder. Loeb was the one who initially probed into Thompson’s background and exposed his resume blunder. Loeb also proposed to Yahoo that four board members be replaced, something that Yahoo dismissed until recent events. In it’s statement yesterday Yahoo announced that it will add to its board Dan Loeb himself; Harry Wilson, CEO of Maeva; and Michael Wolf, CEO of Activate.

In an internal email to employees, Levinsohn acknowledged the very bumpy road we’ve traveled”, but continued by saying that the company will go on the offensive starting today.”

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