The CEO of Yahoo Scott Thompson is now ex-CEO, in an announcement that leaves just about everyone saying, “It’s about time.” As to be expected, Yahoo’s official wording about the departure of Mr. Thompson said nothing about why he left the company, and it even leaves some gray area as to whether he was officially fired or just resigned. Either way, as startling as it is to hear that it finally happened, no one should be surprised.
After all, Thompson was exposed as having lied on his resume that he has a computer science degree. Whether or not that helped his career, it truly struck a lot of nerves that Thompson could get this far without anyone ever performing their due diligence on his qualifications. Before joining Yahoo, Thompson served as president at PayPal. Now, he might have a tough time finding a job anywhere in the industry.
Ever since this story was exposed, Yahoo continued to stand behind Thompson and Thompson stubbornly said he would not step down. But obviously there was more going on behind-the-scenes than met the eye. Third Point LLC, a hedge fund that owns 5.8% of Yahoo’s common stock, was the most aggressive at trying to get Thompson ousted. Yahoo called out Third Point specifically in its press release, stating that the terms it arranged with Thompson were to the satisfaction of the hedge fund.