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Yahoo dumps CEO Scott Thompson: over alleged resume fudge

 

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It is officially confirm now that Yahoo CEO Scott Thompson has been shown door as the story was first broken by Althingsdigital. There was a speculation that Yahoo’s four month CEO will not get the mercy from the board of directors. The computer science degree in the resume of Scott Thompson has become the point of contention. Daniel Loeb Chief of Third Point started the whole issue by pointing out That Scott Thompson has fudge his Resume.

Third point which control’s almost six percent shares in Yahoo has been played the role in the ouster of the Patti Hart, Director and instrumental in hiring Scott Thompson. Yahoo is now just a shadow of the once darling of stock exchange. Third Point is a hedge fund investment company and their investment in Yahoo is a big one. They can’t afford that Yahoo is not concentrating and working in the direction to bring the company on track. In March Scott Thompson CEO of Yahoo files for patent suit against Facebook  just around the time when Facebook is about to launch the IPO.

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In a Post on their website Yahoo made the announcement of the latest developments. The online media Giant from SUNNYVALE California has made Ross Levinson as   the interim CEO and Fred Amorso as the chairemen of the Board Of Directors. Yahoo has also reached  made an agreement with Third Point. The agreement has made three for Third Point LLC nominee in Yahoo Board. Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf — will join the Yahoo! Board, effective May 16, 2012. The latest development will allow the Third Point say in the laying out the strategy to bring Yahoo on track. The agreement with Third Point also includes “Third Point has agreed to withdraw its earlier Board nominations for consideration at the annual meeting and vote its shares in support of Yahoo!’s nominees.

Third Point Chief Executive Officer Daniel S. Loeb who has been extremely critical of Yahoo’s strategy. He is architecture of all the top-level management shift happening in Yahoo. Daniel S. Loeb has made his intention very clear to Yahoo that he wants Yahoo on track and he will not tolerate any nonsense in business. We have seen particularly in the case of many start-ups that guidance has always come from outside. It will be really great if Daniel S. Loeb’s presence will bring the much required stability and innovation in Yahoo.

Ross Levinson has been appointed as the new interim CEO and may be he will able to bring some innovative turnaround in Yahoo. Ross Levinson has the background of heading Media companies and in 2005 he was named the head of Fox interactive  Media. While heading Fox Interactive Media he was directly reporting to Rupert Murdoch.

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