Scott Thompson, the recently hired CEO for Internet juggernaut Yahoo, is reportedly stepping down due to the controversy that plagued the company this week over his education credentials posted on his resume.
To start the brand new year and to reconstruct the company, Yahoo hired former PayPal president Scott Thompson to become its CEO in order to shake up the search engine giant. Unfortunately for both Thompson and Yahoo, the half-year hire is stepping down.
The Wall Street Journal’s technology blog AllThingsD is reporting that Thompson is planning to resign from his post Sunday, according to multiple unnamed sources. The newly hired CEO is stepping down over a computer science degree that was mentioned in his resume and in regulatory filings with the Securities and Exchange Commission.
The Associated Press reported this week that Thompson acknowledged to his colleagues that he did not supply the correct information. It was confirmed that he does not have a computer science degree.
Although Yahoo has not officially commented on the story, sources say the Board of Directors will state that Thompson is stepping down due to “personal reasons.” The board is also set to appoint three new members and choose a new chairman.
Sources say the company will select recently added director Fred Amoroso will be named chairman. It is speculated that Ross Levinsohn, the global media head for Yahoo, will be tapped to replace Thompson on an interim basis.
Thompson is an award-winning entrepreneur, who announced last month of Yahoo’s restructuring process, which included laying off as many as 14,000 of its employees in different segments.
This is a breaking news story so please check back throughout the day for updates.
Update #1: Unnamed sources have confirmed that Thompson has thyroid cancer. It has also been confirmed that Thompson's interim replacement is indeed Levinsohn.