Yahoo board to review CEO's resume 'error'
Yahoo's board of directors announced today it plans to "review" allegations that its chief executive officer, Scott Thompson, inflated his educational achievements and said it will make an "appropriate" report on its findings.
The matter came to light earlier today when hedge fund Third Point, which has been waging a public battle with Yahoo's board, alleged Thompson did not have the computer science degree claimed on his resume. Third Point CEO Daniel Loeb said in a letter to Yahoo's board that Thompson received a degree in accounting from Stonehill College but not "accounting and computer science," as stated on the Yahoo company Web site. During inquiries on the matter, Third Point learned that Stonehill College did not even offer computer science degrees when Thompson graduated.
Yahoo, which confirmed that Thompson has a degree in accounting and not in computer science -- calling the issue on an "inadvertent error" -- issued the following statement:
"In connection with the statement the company made earlier today about Scott Thompson, the Yahoo board will be reviewing this matter, and upon completion of its review, will make an appropriate disclosure to shareholders,"the company said in a statement supplied to All Things D.
It's the latest salvo from Third Point, which owns 5.8 percent of beleaguered Internet company, in an effort to gain more power on the board. Third Point has nominated four individuals, but Yahoo yesterday offered it only two seats, one of which cannot be Loeb because he "does not bring the relevant skill set and experience to the board," according to Yahoo.