Yahoo CEO quits in fake CV scandal
Yahoo chief executive Scott Thompson is stepping down after a controversy over a fake computer science college degree on his biography, the third CEO to leave the company in three years.
The move is a victory for hedge fund manager Daniel Loeb of Third Point LLC, which is Yahoo's largest outside shareholder and brought the discrepancy in Thompson's educational background to light.
Thompson's interim replacement, effective immediately, will be Yahoo's global media head Ross Levinsohn.
Yahoo was not immediately available for comment. Emails sent to Thompson's official Yahoo email address were already bouncing back on Sunday morning.
The departure of Thompson, the former president of eBay division PayPal who was just hired in January, is another blow to a company that has been struggling to kick-start growth amid fierce competition from Google, Facebook and other internet companies.
Yahoo acknowledged last week that Thompson does not have a computer science degree despite what was stated in his official company biography and in regulatory filings with the U.S. Securities and Exchange Commission.