Yahoo CEO Apologizes for Bio Controversy as Board Meets
Yahoo's board met late Monday to discuss a controversy surrounding new CEO Scott Thompson's resume as Thompson apologized to staff for what the company has called an "inadvertent error," Bloomberg News reported.
Meanwhile, the Wall Street Journal reported on Tuesday that director Patti Hart, whose academic credentials also were misstated on Yahoo's website and in regulatory filings, will relinquish her board seat later this year.
Board members met to review the CEO's academic record as dissident investor Third Point continued to call for Thompson's immediate ouster. Third Point last week blasted Yahoo and its CEO for discrepancies in his resume. A corporate bio listed a bachelor’s degree in computer science from Stonehill College, but that specific title wasn’t offered until after he graduated.
Yahoo had said it would investigate the issue and make appropriate disclosures, but it didn't immediately make any announcements late Monday.
Meanwhile, in a memo to staff, Thompson apologized for the incident and said he was cooperating with the company's review and was taking “full responsibility.” Bloomberg cited Thompson as saying: “I want you to know how deeply I regret how this issue has affected the company and all of you. We have all been working very hard to move the company forward, and this has had the opposite effect.”
Third Point said “Yahoo shareholders and employees will be best served if the board accepts responsibility quickly for this latest debacle.” It called for the company to "provide answers promptly.”