Yahoo CEO to reportedly resign thanks to incorrect resume [Update]

Yahoo CEO Scott Thompson will reportedly resign his position with the company, just a few months after the former President of PayPal was named to the top spot of Yahoo. AllThingsD.com reports that officially, Yahoo will say Thompson is leaving for "personal reasons."

In reality, Thompson will depart thanks mostly to the reveal earlier this month that he did not have a computer science degree from Stonehill College, as his official bio at both Yahoo and previously at PayPal claimed. Thompson's false computer science degree was also listed as part of Yahoo's regulatory filings.

Thompson was named as CEO of Yahoo in January. In April, Thompson was still leading the company when it announced plans to lay off 2,000 workers. However, his leadership was called into question by Dan Loeb of Third Point, Yahoo’s largest outside stock holder.

It was Loeb who first revealed that Thompson did not have a computer science degree. Yahoo's board of directors called it an "inadvertent error" in Thompson's bio but Loeb kept up the pressure, later demanding that Yahoo's board turn over all documents relating to Thompson's vetting process.

It is expected that Yahoo’s head of global media Ross Levinsohn will take over leading the entire company on an interim basis.

Update - Yahoo has now made Thompson's resignation official, saying simply he has "left the Company." Ross Levinsohn has also been confirmed as interim CEO and Yahoo has also named Fred Amoroso as its new Chairman of its board.

Yahoo has also announced a settlement with Third Point which will have Loeb and two more Third Point team members named to Yahoo's board.

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11 Comments

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They should do resume audits on everyone working right now to weed out the dishonest people. I've seen so many exaggerations and outright lies on resumes over the past few years.

Enron said,
They should do resume audits on everyone working right now to weed out the dishonest people. I've seen so many exaggerations and outright lies on resumes over the past few years.

exaggerations are very normal in any CS resume. People consider themselves "professional" in C++ and "Excellent" in word just because they took them as introductory classes in their first year or spent a day or two discovering them. That is why the interview for the job exists. Assume they are all liers in everything unless they prove it infront of you (write code, discusss it, solve problems, etc).

Good. I've worked at more than one company whose hiring contract basically stated that, if it was found out I lied about anything on my resume, from education to work history, it was grounds for immediate termination. I doubt I'm the only one who read the article who had to do that.

He's an American CEO, they are in a whole other world than us peons, so that would be a large part of why it's only a resignation, not a termination.

On one hand, you don't really need a degree like that if you've established yourself as an executive.

But to falsify a degree is silly.

bjoswald said,
My god that company is in dire straits. Just sell off your company and move on. Stop torturing yourselves!

They are still posting some good profits but yes, if they continue in the manor they are, they will be in trouble.