Yahoo board reportedly investigating CEO hiring process
- 09 May, 2012 02:57
A panel of Yahoo board members has begun investigating the hiring of CEO Scott Thompson in the wake of revelations that his resume's listing of computer science as a second undergraduate major was false, according to the Wall Street Journal.
Patti Hart, the board member who spearheaded the hiring process, stepped down Tuesday, according to a separate All Things D report.
Thompson's biography on the Yahoo website and in papers filed with the U.S. Securities and Exchange Commission, said that he had majored in accounting and computer science at Stonehill College. Thompson majored only in accounting, Yahoo has acknowledged.
Activist shareholder Daniel Loeb, who leads the Third Point investment fund, disclosed the discrepancy in a public letter on May 3. The company acknowledged the mistake but expressed support for Thompson's leadership. Later that day, it released a second statement, saying the board would look into the matter.
Loeb also revealed inaccuracies in Hart's resume. The document stated that she held a bachelor's degree in marketing and economics from Illinois State University. Yahoo later issued acknowledged that Hart's degree was a B.S. in "business administration with specialties in marketing and economics."
Three new board appointees are now investigating the process by which Thompson was hired and have brought in an outside law firm to oversee their work, the Journal reported.
Cameron Scott covers search, web services and privacy for The IDG News Service. Follow Cameron on Twitter at CScott_IDG.