According to `inside' sources familiar with the proceedings at Yahoo, the company's latest CEO Scott Thompson agreed to step down from his post over the weekend --- a move which is an upshot of an activist investor's recent exposure of Thompson's allegedly `exaggerated' academic credentials in his biography.
With activist investor Daniel S. Loeb, of Third Point LLC, leading the Yahoo investors in their call for the resignation of Thompson over the academic misstatement, Thompson's decision to step down essentially marks the culmination of Yahoo's proxy fight with Loeb's activist investment firm.
The `exaggeration' of academic records in question in Thompson's bio is that he had, years back, knowingly claimed to have a degree in computer science, which he apparently did not have.
Going by the information shared by the unidentified sources `in the know' of the developments at Yahoo, Thompson's decision to resign as the company's CEO came after the company's board of directors got hold of pertinent evidence which contradicted his claim of innocence about his misstated academic credentials.
With Thompson's situation becoming a big distraction at the already-struggling Internet company, the board felt that he had lost the respect of investors as well as the company itself, and asked him to resign.
Thompson became the fourth Yahoo CEO to have stepped down in the last five years; and his resignation resulted in the appointment of Ross Levinsohn - who heads Yahoo's business in the Americas - as the interim CEO of the company.