Yahoo! CEO resigns after lying on your resume - Scott Thompson, now EX CEO of Yahoo becomes the third chief executive to leave the company in three years. Scott Thompson is stepping down after a controversy over a fake university degree in Computer Science, which became the third chief executive to leave the company in three years.
His departure is a victory for the hedge fund manager Daniel Loeb of Third Point LLC, which is one of the largest outside shareholders of Yahoo! and brought to light the discrepancy in the background educations Thompson. Yahoo! said in a statement that its global head of media that "now onward, Ross Levinsohn will be the interim CEO to replace Thompson."
Thompson's departure after four months in the job puts into question the future of Yahoo! as it struggles to revive its growth from a fierce competition with firms like Google and Facebook and while producing a long-term strategy to convince investors and thus reverse its stock decline.
Yahoo! had resumed talks recently to sell all or part of its more than 40 per cent stake in China's Internet website and e-commerce Alibaba after dropping an earlier plan to make a complex tax-free transaction. Yahoo company was struggling to find its way before all this happened and the situation will be lost in the woods for a long time," said Ben Schacter , analyst at Macquarie Securities . He also said that "It is no exaggeration to say that Yahoo! has deep structural problems".
Fund manager at GAMCO Investors (Share Holder of yahoo!) said "The dysfunctionality of Yahoo! company is relatively unprecedented. Now he thinks that the sale of the company is the best option.
According to Europa Press, the shares of Yahoo! closed at $ 15.19 on Friday at the Nasdaq electronic platform. The company also appointed a new director named Fred Amoroso, president of the board in place of Roy Bostock, who left in February.
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