2012-05-13 20:42:36 GMT
SAN FRANCISCO, May 13 -- Yahoo on Sunday confirmed that its chief executive officer (CEO) Scott Thompson has left and the
company has named Ross Levinsohn as interim CEO. Yahoo said its board of directors has appointed Ross Levinsohn as interim CEO
and has named Fred Amoroso as chairman. Both appointments are effective immediately.
Thompson, former president of eBay's subsidiary PayPal, was appointed as Yahoo's CEO in January 2012. He has been under fire after
Yahoo shareholder Daniel Loeb alleged that Thompson does not have a computer science degree from Stonehill College as claimed in bios
from his job at eBay to the position of Yahoo CEO, as well as in regulatory filings to the U.S. Securities and Exchange Commission.
While announcing Thompson's departure, Yahoo also said that its board has reached an agreement with hedge fund Third Point, of which
Loeb is the chief executive officer, to settle its pending proxy contest related to Yahoo's 2012 annual meeting of shareholders.
Under its board's settlement agreement with Third Point, three Third Point nominees including Loeb will join the Yahoo board effective on
May 16, Yahoo said.
Also as a part of the agreement, Third Point, which owns 5.8 percent of Yahoo common stock, has agreed to withdraw its previous board
nominations for consideration at the annual meeting and vote its shares in support of Yahoo's nominees
SAN FRANCISCO, May 13 -- Yahoo on Sunday confirmed that its chief executive officer (CEO) Scott Thompson has left and the
company has named Ross Levinsohn as interim CEO. Yahoo said its board of directors has appointed Ross Levinsohn as interim CEO
and has named Fred Amoroso as chairman. Both appointments are effective immediately.
Thompson, former president of eBay's subsidiary PayPal, was appointed as Yahoo's CEO in January 2012. He has been under fire after
Yahoo shareholder Daniel Loeb alleged that Thompson does not have a computer science degree from Stonehill College as claimed in bios
from his job at eBay to the position of Yahoo CEO, as well as in regulatory filings to the U.S. Securities and Exchange Commission.
While announcing Thompson's departure, Yahoo also said that its board has reached an agreement with hedge fund Third Point, of which
Loeb is the chief executive officer, to settle its pending proxy contest related to Yahoo's 2012 annual meeting of shareholders.
Under its board's settlement agreement with Third Point, three Third Point nominees including Loeb will join the Yahoo board effective on
May 16, Yahoo said.
Also as a part of the agreement, Third Point, which owns 5.8 percent of Yahoo common stock, has agreed to withdraw its previous board
nominations for consideration at the annual meeting and vote its shares in support of Yahoo's nominees
