Yahoo board to review CEO's education records

Fri May 4, 2012 3:14am EDT

The Yahoo! offices are pictured in Santa Monica, California April 18, 2011. REUTERS/Mario Anzuoni

The Yahoo! offices are pictured in Santa Monica, California April 18, 2011.

Credit: Reuters/Mario Anzuoni

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(Reuters) - Yahoo Inc's board of directors will review a discrepancy in the educational record of its chief executive, Scott Thompson, a spokesman told Reuters, after activist hedge fund Third Point accused Thompson of padding his academic credentials.

Yahoo will also make an appropriate disclosure to shareholders when the review is complete, the spokesman said.

On Thursday, Third Point's founder and chief executive, Dan Loeb, wrote in a letter to Yahoo's board that Thompson claims to hold a bachelor's degree in accounting and computer science from Stonehill College near Boston, but said Thompson "embellished his academic credentials" because the CEO's degree is in accounting only.

Third Point owns 5.81 percent of Yahoo's shares and has been fighting to gain seats on the company's board.

Early on Thursday, a Yahoo spokesman called the discrepancy an "inadvertent error."

"Scott Thompson received a bachelor of science degree in business administration with a major in accounting from Stonehill college," the spokesman said in an emailed statement. "There was an inadvertent error that stated Mr. Thompson also holds a degree in computer science," he added.

(Reporting by Sakthi Prasad; Editing by Matt Driskill)

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Comments (2)
LynCe wrote:
The alleged “inadvertent error” in CEO Scott Thompson’s resumé at Yahoo! was repeated in Thompson’s bios with his previous employers (PayPal/EBay, Barclays) it turns out, therefore serial deception. It appears that seasoned “BSing” trumps due diligence at a number of high-profile companies, and that is scary and dangerous . Kudos to investor Dan Loeb for calling this chicanery out. Scott Thompson has to go — Yahoo! has plenty enough trouble without this taint.

May 04, 2012 2:49am EDT  --  Report as abuse
Mr.Masood wrote:
Baffling and a real astounding revelation this though the yahoo authorities have termed it as an inadvertent error.Its a real moment of anxiety for the shareholders as well as the CEO himself who has a big task of proving his credentials and making sure that error is indeed inadvertent.lets hope that the ceo and the company as a whole escapes the blushes and embarrassment.

May 04, 2012 11:56am EDT  --  Report as abuse
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