Yahoo confirms departure of shamed CEO Thompson

Yahoo has confirmed that its now former Chief Executive, Scott Thompson, has resigned from his leading role following accusations that he falsely added a science degree to his CV.

The mistake was discovered by the company's activist shareholder Daniel Loeb, who is reportedly set to become a company director.

According to the Wall Street Journal citing people close to the matter, Thompson revealed to company directors before his resignation that he has been diagnosed with thyroid cancer, something which is thought to have part-influenced his decision to step down.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

The US firm, which is based in Californa, has replaced Thompson with its global media head Ross Levinsohn.

Yahoo has also appointed Fred Amoroso as its new Chairman, with other directors soon to be appointed as well.

In April the company unveiled plans to slash 2,000 jobs, equivalent to 14% of the workforce, one of Thompson's iniatives to reduce costs by as much at £233m each year.

NR