Yahoo CEO steps down after resume scandal


— 6:01 AM on May 14, 2012

Yahoo has lost yet another CEO—its third in three years. As Reuters reports, Scott Thompson stepped down as Yahoo's chief executive yesterday, apparently due to allegations that he misrepresented his education.

Thompson originally claimed to have a dual degree in accounting and computer science. However, it was revealed earlier this month—and later confirmed—that Thompson in fact lacked computer science credentials and only had a degree in accounting. Investor Daniel Loeb brought the discrepancy to light on May 3. In a strongly worded letter to Yahoo's Board, he stated:

If Mr. Thompson embellished his academic credentials we think that it 1) undermines his credibility as a technology expert and 2) reflects poorly on the character of the CEO who has been tasked with leading Yahoo! at this critical juncture. Now more than ever Yahoo! investors need a trustworthy CEO.

We'll see if Loeb gets his wish. For now, Reuters says Ross Levinsohn will take over as interim CEO. Levinsohn previously oversaw Yahoo's operations in the Americas. Before that, he was President of Fox Interactive Media.

   
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