Yahoo sweeps out another CEO as foibles linger
Source: Agencies |
May 15, 2012, Tuesday
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Print Edition
Print Edition
YAHOO has swept out Scott Thompson as CEO in an effort to clean up a mess created by a misleading resume that destroyed his credibility as he set out to turn around the long-troubled Internet company.
Ross Levinsohn, a 48-year-old executive who oversees Yahoo's media and advertising services, is taking over as interim CEO.
Yahoo lured Thompson away from eBay's PayPal in January to end a financial funk that has depressed the company's stock for years. Although Yahoo remains one of the Internet's most-visited websites, the company's financial and stock performance has suffered in the face of competition from companies like Google and Facebook. The company's foibles have exasperated investors who have seen Yahoo go through four full-time CEOs in less than five years without delivering on repeated promises to revive its revenue growth.
Thompson's abrupt exit after just four months came as part of the latest shake-up on Yahoo's board of directors, which has been in a state of flux for several months.
Yahoo Chairman Roy Bostock and four other directors who had already announced plans to step down at the company's annual meeting later this year are leaving the board immediately. All five of those directors signed off on the hiring of Thompson, a move that made them all look bad by the recent revelation that they didn't catch an inaccuracy that had been circulating about his educational background for years.
Three of Yahoo's vacated board seats will be filled by activist hedge fund manager Daniel Loeb, a disgruntled shareholder who dropped the bombshell that led to Thompson's departure, and two of his allies, former MTV Networks executive Michael Wolf and turnaround specialist Harry Wilson.
Alfred Amoroso, a veteran technology executive who joined Yahoo's board just three months ago, replaces Bostock as chairman. After all the changes have been finalized, Yahoo will have 11 board members.
The appointment of the new directors ends a battle with Loeb, who was eying four seats on the company's board.
Ross Levinsohn, a 48-year-old executive who oversees Yahoo's media and advertising services, is taking over as interim CEO.
Yahoo lured Thompson away from eBay's PayPal in January to end a financial funk that has depressed the company's stock for years. Although Yahoo remains one of the Internet's most-visited websites, the company's financial and stock performance has suffered in the face of competition from companies like Google and Facebook. The company's foibles have exasperated investors who have seen Yahoo go through four full-time CEOs in less than five years without delivering on repeated promises to revive its revenue growth.
Thompson's abrupt exit after just four months came as part of the latest shake-up on Yahoo's board of directors, which has been in a state of flux for several months.
Yahoo Chairman Roy Bostock and four other directors who had already announced plans to step down at the company's annual meeting later this year are leaving the board immediately. All five of those directors signed off on the hiring of Thompson, a move that made them all look bad by the recent revelation that they didn't catch an inaccuracy that had been circulating about his educational background for years.
Three of Yahoo's vacated board seats will be filled by activist hedge fund manager Daniel Loeb, a disgruntled shareholder who dropped the bombshell that led to Thompson's departure, and two of his allies, former MTV Networks executive Michael Wolf and turnaround specialist Harry Wilson.
Alfred Amoroso, a veteran technology executive who joined Yahoo's board just three months ago, replaces Bostock as chairman. After all the changes have been finalized, Yahoo will have 11 board members.
The appointment of the new directors ends a battle with Loeb, who was eying four seats on the company's board.
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