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|11th May 2012, 08:43||#1|
Join Date: May 2010
Yahoo shareholders want CEO sacked
Yahoo's largest shareholder thinks it would be best for the company if CEO Scott Thompson was replaced by a temp and is trying to whip up a mob to storm the company board room and drag him off for an appointment with Madame Guillotine.
Third Point, an activist hedge fund, has been making much hay out of the fact that it found Scott Thompson CV had references to a computer science degree he never got.
It thinks that Yahoo should make its finance chief or head of media the interim chief executive because of the controversy it created.
Third Point is waging a bitter proxy battle against Yahoo's board and repeated its demand that Yahoo fire Thompson and install four of its hand-picked director candidates to the board.
Yahoo's board appointed a special committee to investigate Thompson's background and review the "facts and circumstances" surrounding his hiring.
The company has admitted that Thompson does not have a computer science degree despite what was stated in his official company biography and in regulatory filings with the U.S. Securities and Exchange Commission.
His former boss, eBay's CEO John Donahoe told Reuters that he hoped Thompson would "get through this," and that he was "Scott's biggest fan."
Donahoe said that eBay's regulatory filings when the company hired Thompson were accurate.
Third Point CEO Dan Loeb slammed Yahoo's board for not taking any "decisive action" in the six days since the discrepancy in Thompson's educational background was revealed.
He said that Yahoo should appoint Chief Financial Officer Tim Morse or Ross Levinsohn, Yahoo's head of global media, to the role of interim CEO. Meanwhile one of his minions could find a new permanent CEO.
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