Sunday, May 13, 2012

Yahoo chief executive Mr. Thompson steps down

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The chief executive of computer firm Yahoo has stepped down, amid accusations that a fake computer science degree was included on his CV.

The California-based company confirmed media reports that Scott Thompson had quit his post.
He has been replaced by Yahoo's global media head Ross Levinsohn.
The firm is also reportedly close to agreeing a truce with activist shareholder Daniel Loeb, who discovered Mr Thompson's mistake.

Mr Loeb, a hedge fund manager who lobbied for Mr Thompson's dismissal, is set to be appointed a company director. Other new directors will also be appointed and Yahoo has named Fred Amoroso as the new chairman of its board.

Cost cutting

Yahoo has already acknowledged that Mr Thompson, who took up his post in January, does not have a computer science degree. Just last month, the company, which is based in Sunnyvale, announced plans to make 2,000 employees redundant.

Mr Thompson had previously been the president of online payments firm Paypal since 2008.
He took over as chief executive from Tim Morse, who had held the role on an interim basis since Carol Bartz was sacked in September 2011 after two-and-a-half years in the post.

Since Mr Thompson joined Yahoo, he had been attempting to cut the firm's costs and improve its fortunes.
Part of this involved cutting 2,000 jobs, or 14% of the company's workforce, in a bid to save $375m(£233m) a year. Besides its search engine, Yahoo's key products include the photo sharing site Flickr and its webmail platform.


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