Business News: Yahoo CEO Thompson Resigns
Originally published on Mon May 14, 2012 5:34 am
STEVE INSKEEP, HOST:
NPR's business news starts with a Mother's Day shakeup.
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INSKEEP: Yahoo says its CEO, Scott Thompson, is out, after a shareholder revealed an in accuracy on his resume. Mr. Thompson had claimed that he held two college degrees. In fact, he only had one. Thompson's resignation is a victory for an activist hedge fund that has been pressing for a shakeup in how Yahoo is run.
The troubled tech firm, you may recall, has seen its stock price cut in half in the past four years and it's in the midst of laying off a couple thousand workers.
The Third Point hedge fund, which holds a minority stake in Yahoo, publicized the resume inaccuracy last week. Now, it wants to see a new CEO put in place and an overhaul of the company's Board of Directors. Transcript provided by NPR, Copyright National Public Radio.