Yahoo CEO Scott Thompson will reportedly resign his position with the company, just a few months after the former President of PayPal was named to the top spot of Yahoo. AllThingsD.com reports that officially, Yahoo will say Thompson is leaving for "personal reasons."
In reality, Thompson will depart thanks mostly to the reveal earlier this month that he did not have a computer science degree from Stonehill College, as his official bio at both Yahoo and previously at PayPal claimed. Thompson"s false computer science degree was also listed as part of Yahoo"s regulatory filings.
Thompson was named as CEO of Yahoo in January. In April, Thompson was still leading the company when it announced plans to lay off 2,000 workers. However, his leadership was called into question by Dan Loeb of Third Point, Yahoo’s largest outside stock holder.
It was Loeb who first revealed that Thompson did not have a computer science degree. Yahoo"s board of directors called it an "inadvertent error" in Thompson"s bio but Loeb kept up the pressure, later demanding that Yahoo"s board turn over all documents relating to Thompson"s vetting process.
It is expected that Yahoo’s head of global media Ross Levinsohn will take over leading the entire company on an interim basis.
Update - Yahoo has now made Thompson"s resignation official, saying simply he has "left the Company." Ross Levinsohn has also been confirmed as interim CEO and Yahoo has also named Fred Amoroso as its new Chairman of its board.
Yahoo has also announced a settlement with Third Point which will have Loeb and two more Third Point team members named to Yahoo"s board.