Scott Thompson, the scandal-encumbered Yahoo! (NASDAQ:YHOO) CEO, has resigned. His resume claimed a degree he didn't have, and Daniel Loeb wanted his head. There are also some big changes on the board. In IT Blogwatch, bloggers check their CV docs for lies, dissemblance, and inadvertent errors.
By Richi Jennings: Your humble blogwatcher curated these bloggy bits for your entertainment. Not to mention: Arduino Simonoids...
Nancy Weil has all the facts of the weekend's shens:
Ross Levinsohn...the company's head of global media, will serve as interim CEO. ... Fred Amoroso has been named chairman of the board. ... [Yahoo] also struck a deal to end a proxy fight by activist shareholder Daniel Loeb...the one who brought the resume embellishment to light...plunging the company into its latest controversy. ... Thompson...was hired by Yahoo to try to get the struggling Internet company back on track after years...of unsteady financial performance and competitive pressure from Google and...Facebook. ... [He] was hired in January...to replace Carol Bartz, who was fired...last September. ... [She] was hired in 2009 to replace Jerry Yang...who had stepped in...in mid-2007.
Simon Sharwood notes other scalps:
Several directors...Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson, have also left the company...a big win for Third Point LLC, [which] says it is Yahoo!'s largest outside shareholder. ... [It] stated “we believe the Yahoo! Board requires fresh, outside perspectives from individuals...[with] the highest levels of integrity [who] exhibit diligence and due care in all their dealings.” ... [Its] CEO Daniel Loeb...Harry J. Wilson, and Michael J. Wolf [will] join the Yahoo! board. Loeb said...that he is “delighted to join the Yahoo! board and work collaboratively...to foster a culture of leadership dedicated to innovation, excellence in corporate governance, and responsiveness. ... [We're] committed to working with new leadership to unlock Yahoo!'s significant potential and value."
T'was Kara Swisher who broke the news:
[The] evolving crisis...centered on his botched resume, and how he handled the thorny issue is clearly the...reason for the abrupt leaving. ... [It] goes a long way toward fixing some of what has been ailing Yahoo recently. ... Fred Amoroso will be named chairman of the board. ... [He's] the director [investigating] how the fake academic credentials got in Thompson’s public bios [and] Yahoo’s regulatory filings. ... Thompson made a convoluted attempt to explain it all...he blamed a headhunting firm for introducing the mistake. ... That company, Heidrick and Struggles, slapped back...with an internal memo, noting that Thompson’s claim was “verifiably not true.” ... And, initially, Yahoo — under his direction — had called the borked resume an “inadvertent error.”
And Amir Efrati has his own deep-throat sources, who told him this:
Scott Thompson disclosed...that he has been diagnosed with thyroid cancer. ... The decision to step down from Yahoo was in part influenced by [the] diagnosis...[which] had occurred in recent days. ... The cancer news is another twist in the recent events at Yahoo. ... Mr. Thompson's agreement to leave Yahoo, along with some severance pay, was finalized on Saturday.
Meanwhile, Richard MacManus asks, "where to now?":
Fred Amoroso...is said to be "one of Silicon Valley's most enthusiastic proponents of patent warfare." ... Daniel Loeb...Harry Wilson...Michael Wolf...and Jeff Zucker...[are] only interested in one thing: increasing Yahoo's share price in order to make a buck. ... Loeb and his partners want to optimize Yahoo's assets. ... Thompson had a narrower strategic focus and was more intent on cost-cutting. ... [I]nterim CEO Ross Levinsohn['s]...role will be focused on steadying the ship while Amaroso and Loeb agree on the new strategic direction. ... Loeb's motivations [may not be] good for Yahoo long term. They seem more focused on making money for Wall Street shareholders...[but they] do at least demonstrate the passion needed to turn Yahoo around.
Richi Jennings is an independent analyst/consultant, specializing in blogging, email, and security. He's the creator and main author of Computerworld's IT Blogwatch, for which he has won ASBPE and Neal awards. He also writes The Long View for IDG Enterprise. A cross-functional IT geek since 1985, you can read Richi's full profile and disclosure of his industry affiliations.