Yahoo CEO Leaves Company Amid Controversy Over Stonehill Degree
NEW YORK (AP) — Yahoo says it is appointing Ross Levinsohn as interim CEO and Fred Amoroso as chairman of its board, effective immediately.
Yahoo says CEO Scott Thompson has left the company. Thompson has been under fire for more than a week over mentions in his resume and company filings of a computer science degree he did not earn.
At various times, published summaries of Thompson’s academic background have included a computer science degree from Stonehill College. Thompson earned an accounting degree from Stonehill, a Catholic school near Boston, in 1979. He did not earn a computer science degree. Yahoo correctly lists that information in his biography.
Yahoo hired Thompson, the former head of eBay’s PayPal, in January to help orchestrate a turnaround. Though Yahoo is one of the Internet’s most-visited websites, the company has struggled to grow in face of competition from the likes of Google and Facebook. The company’s difficulties have irked investors. Thompson took the helm as Yahoo’s fourth chief executive in less than five years.
Amoroso, meanwhile, was the board member leading the investigation into inaccuracies on Thompson’s resume. Levinsohn is Yahoo’s head of global media.
Third Point, the hedge fund that owns a 6 percent stake in Yahoo, has pushed for the changes. Third Point CEO Dan Loeb and two of his nominees will join Yahoo’s board. Four directors who had planned to retire at the annual meeting will step down immediately.
Copyright 2012 The Associated Press.