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Shareholders cheer Yahoo CEO exit

Monday, May 14, 2012 - 00:57

May 14 - Shares of Yahoo got a boost after the exit of CEO Scott Thomson following questions about his academic record. Bobbi Rebell reports.

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Yahoo shareholders are betting the shuffle at the top will help get the company back on track as it struggles to revive growth and faces fierce competition from Google and Facebook. The internet company said Sunday that global media head Ross Levinsohn, who has a history in media and ad sales, will become interim CEO. Yahoo is also giving three board seats to activist hedge fund Third Point, which is headed by Daniel Loeb- settling a proxy fight. CEO Scott Thomson stepped down following questions about his academic record. Before stepping down, Thomson disclosed to the board, he had been diagnosed with thyroid cancer, according to the Wall Street Journal. Thomson was the third CEO replaced in three years. Bobbi Rebell, Reuters.

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Shareholders cheer Yahoo CEO exit

Monday, May 14, 2012 - 00:57