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With Another CEO Out, Yahoo's Turnaround Is Stalled

CWmike (1292728) writes | more than 2 years ago

Yahoo! 0

CWmike writes "For the second time in eight months, Yahoo is without a permanent CEO. The latest development is bringing more trouble for a company struggling to regain its stature in the industry. The company announced Sunday that Scott Thompson, Yahoo's CEO since January, has left the company. Thompson, 54, had been under heavy fire over the past few weeks since a discrepancy was revealed in his IT credentials on his resume and the company Web site, along with documents filed with the SEC .With Thompson out, Ross Levinsohn, who has been serving as the company's head of global media, will step in as interim CEO while the board searches for a permanent replacement. Thompson's departure from Yahoo comes nearly a week after the company announced that a special three-member committee had been set up to investigate the CEO, his academic credentials and the circumstances surrounding his hiring. Thompson's resume claimed that he had a degree in computer science when he does not. The company had initially issued a statement calling it an inadvertent mistake. 'It looks like Thompson's mythical computer science degree is moving from 'innocent mistake' into 'intentional misrepresentation' territory,' said Dan Olds, an analyst with The Gabriel Consulting Group. 'It would be hard for any CEO to stay in place under those circumstances, but factor in Yahoo's highly public struggles to remain relevant in the industry and keeping Thompson as CEO becomes impossible.' Despite the investigation, the Wall Street Journal reported Monday that Thompson might have agreed to leave after informing the Yahoo board that he has thyroid cancer. Citing unnamed sources, the Journal said he is beginning treatment."
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