Yahoo Investor Tells Board to Fire CEO for Lying

By: Ja'Mein Beale - Fri, 04 May 2012 13:54:31 -0800

SAN FRANCISCO (AP) - A major Yahoo shareholder who exposed a fabrication on the new CEO's academic credentials is demanding that the Internet company fire him for unethical conduct.
In a letter Friday, activist hedge fund manager Daniel Loeb urged Yahoo's board to dump CEO Scott Thompson. Loeb indicated he would consider filing a lawsuit if the board doesn't take "swift and decisive" action by noon ET Monday.
Thompson's job appears to be in jeopardy because Thompson's bio included a computer science degree that he never received. Loeb revealed the distortion Thursday. The error was in a recent regulatory filing and Yahoo's website.
Yahoo Inc. initially brushed off the misrepresentations as an "inadvertent error." Late Thursday, the company said its board would investigate what happened.
Yahoo didn't immediately return a message for comment.
(Copyright 2012 by The Associated Press.  All Rights Reserved.)
blog comments powered by Disqus