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Scott Thompson steps down as Yahoo CEO
Taiwan News, Staff Writer
2012-05-14 09:53 AM

Yahoo! Inc. Chief Executive Officer Scott Thompson, whose academic credentials came into question, stepped down after four months on the job and the company agreed to realign its board to end a proxy contest with shareholder Third Point LLC.

Ross Levinsohn, the Web portal’s head of global media, will become interim CEO and Fred Amoroso will become chairman, the Sunnyvale, California-based company said today in a statement. Amoroso replaces Roy Bostock, the non-executive chairman who agreed to step down immediately from the board, which is adding three of Third Point’s board nominees.

“The board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders,” Amoroso said in the statement.

Third Point, which owns about 5.8 percent of Yahoo, has raised pressure since flagging discrepancies in Thompson’s resume May 3. The departure of the third CEO in just over three years adds to upheaval at a company that was once a leader in Web search and online information. Yahoo’s sales tumbled 31 percent last year from a peak three years earlier, and its market value dropped by more than half since the end of 2005.

“The company is in a precarious position,” said Paul Sweeney, a senior analyst with Bloomberg Industries. “Probably the best thing and the easiest thing to do is to make this change.”

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