Yahoo CEO Resigns Over Résumé; Announces He Has Cancer

The pending proxy contest with Third Point has been settled

   

Scott Thompson 300x199 Yahoo CEO Resigns Over Résumé; Announces He Has CancerMother’s Day ushered in the climax of the résumé debacle centered around Yahoo (NASDAQ:YHOO) CEO Scott Thompson. In another twist to the corporate soap opera, news that Thompson has been recently diagnosed with thyroid cancer surfaced late Sunday and was first reported by The Wall Street Journal.

Thompson released the reins of the digital media company more than a week after activist investor Third Point announced the former leader flubbed his bio. Ross Levinsohn, executive vice president and head of global media has been named as interim CEO. The decision makes Levinsohn the second person to run the Sunnyvale, Calif. company this year — the fourth in eight months.

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The board of directors also named Alfred Amoroso, CEO of Rovi (NASDAQ:ROVI), its new chairman. Amoroso replaces Roy Bostock, who had previously announced his intention to not stand for reelection.

Additionally, Yahoo  announced an agreement it reached with Third Point to settle its pending proxy contest related to the company’s 2012 annual meeting of shareholders.

Per terms of the agreement, Third Point nominees Daniel S. Loeb — who first questioned the validity of Thompson’s résumé — Harry J. Wilson and Michael J. Wolf will officially join Yahoo’s board Wednesday. Board members Arthur Kern, VJ Joshi, Patti Hart and Gary Wilson — all of whom previously said they would not to stand for reelection — formally resigned from their positions Sunday.

A colleague of Thompson’s told the WSJ that the former CEO’s resignation was partly influenced by his recent cancer diagnosis. Coincidentally, the diagnosis had reportedly been made while the board was investigating the error on Thompson’s bio that was published in a Yahoo regulatory filing and on various websites.

Thompson, the former president of eBay‘s (NASDAQ:EBAY) PayPal unit,  tried to peg the blame of his résumé error on a junior headhunter last week. The claim has been proven false.


Article printed from InvestorPlace Media, http://investorplace.com/2012/05/yahoo-ceo-resigns-over-resume-announces-he-has-cancer/.

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