Scott Thompson was hired by Yahoo to be its new CEO in January 2012 after its co-founder and former CEO, Jerry Young, stepped down in 2008. And in September 2011, Yahoo fired its CEO Carol Bartz.
Few weeks after the error found in his resume, he decided to step down and leave Yahoo.
Why Hire Yahoo Scott Thompson
Scott Thompson is a former president of eBay. He was hired by Yahoo to become its CEO having a task of stemming management disarray and getting Yahoo a turnaround after Google snatched from it the market share in advertising and then Facebook takes its top spots in terms of social networking.
The Scott Thompson Scandal
Daniel Loeb, the hedge fund manager and founder of the Third Point LLC, discovered the discrepancy of Scott Thompson’s resume on May 3, 2012. He then urged Yahoo’s board for a revamp on its management, citing that the CEO Scott Thompson is not competent to be Yahoo’s CEO.
It is noted that Daniel Loeb’s Third Point LLC is the owner of 5.8 percent of Yahoo. He criticized Thompson for laying off 2,000 employees. He also criticized Jerry Young for $44 billion takeover bid from Microsoft.
Scott Thompson is accused of allegedly invented a degree qualification, particularly in computer science, that his university did not offer. In his resume, it is said that he got a degree in Computer Science from Stonehill College and a degree in accounting in accounting from the school, based in Easton, Massachusetts.
Thompson apologized for the distraction caused by the error in his resume but he did not apologize for the error.
References
- Fresh scandal for Yahoo as chief quits in row over fake degree on CV
- Thompson stepping down as Yahoo CEO
- Exclusive: Yahoo’s Thompson Out; Levinsohn In; Board Settlement With Loeb Nears Completion