Yahoo's Scott Thompson Steps Down, Levinsohn Named Interim CEO

With the technology world left reeling after news of Yahoo! CEO Scott Thompson and his falsified degree came to light, there was immense pressure on the Sunnyvale company to get Thompson to resign from his role - with Third Point's Daniel Loeb urging the board to appoint an interim CEO. But now it seems his prayers have been answered, with Thompson stepping down and Yahoo!'s global head of media, Ross Levinsohn, acting as the company's interim chief.

Another shake-up in the job department sees Fred Amoroso taking over as Chairman of the Board of Directors, replacing Roy Bostock - stepping down from his role as Non-Executive Chairman.

"The board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders," Amoroso said in the statement.

With the Board reaching an agreement with Third Point LLC to settle its pending proxy agreement, this now means that Loeb plus two others - Harry J. Wilson and Michael J. Wolf - will join the board on 16th May.

"Harry, Michael, and I are delighted to join the Yahoo Board and work collaboratively with our fellow directors to foster a culture of leadership dedicated to innovation, excellence in corporate governance, and responsiveness to users, advertisers, and partners," said Loeb in a statement. "We are confident this board will benefit from shareholder representation, and we are committed to working with new leadership to unlock Yahoo!'s significant potential and value."

Maybe Scott Thompson will take this time out to finally get that long-awaited Computer Science degree.

Source: CNET