Yahoo has had a ton of issues to deal with in the past few years and now a new one has come up that could lead the company to fire its recently appointed CEO Scott Thompson. Earlier this week, Dan Loeb of Third Point, Yahoo’s largest outside stock holder, revealed that Thompson does not in fact have a computer science degree from Stonehill College.
Thompson does have an accounting degree from the school but both his official Yahoo bio (as well as the company's regulatory filings) mention the incorrect computer science degree. Thompson also had a computer science degree listed when he was president of eBay. AllThingsD.com reports that Yahoo did admit that Thompson's bio had an "inadvertent error" and later added that the company's board " ... will be reviewing this matter, and upon completion of its review, will make an appropriate disclosure to shareholders."
That apparently isn't good enough for Loeb, who has been trying to gain more influence at Yahoo. Today, he and Third Point issued a statement that demanded Yahoo's board of directors reveal how Thompson was vetted before he was named CEO and if any of the board members knew that Thompson didn't have a computer science degree. Finally, Third Point is demanding that Yahoo's board " ... terminate Mr. Thompson for cause immediately given his demonstrable unsuitability to remain Chief Executive Officer and a director of Yahoo."
Third Point threatens that it will "consider it grounds for further action" if Yahoo's board doesn't comply with Third Point's request by noon ET on Monday.
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