Shut Fox Down

Previous Page

Transcript by Newsy: http://www.youtube.com/user/NewsyBusiness (Image source: CNN) BY EVAN THOMAS ANCHOR ALLIE SPILLYARDS After four months as CEO of Yahoo, Scott Thompson is on his way out. All Things Digital reports Thompson stepped down from his position on Sunday. Ross Levinsohn will take over as interim CEO, and there's a boardroom shuffle underway, too. Thompson's had a controversial last week at Yahoo. He tried to defend a falsified computer science degree on his resume. Official sources aren't saying as much, but Business Insider suggests this outcome was inevitable. "By waiting a week to offer any sort of explanation for the bogus degree on his bio--and then having his explanation immediately and angrily exposed as a lie by the headhunting firm he blamed for the mistake—there was no conceivable way Thompson could have remained as CEO." On top of that, sources familiar with the discussion tell the Wall Street Journal, Thompson announced he had been diagnosed with thyroid cancer right as the resume issues came to light. "I am told that part of the reason why he agreed to step down was because he is ill, and it is a serious illness, as you might imagine." A press release by Yahoo doesn't say exactly why Thompson is leaving, but it does say five directors fast-tracked their plans to step down and left immediately along with him. Dan Loeb and two others from Third Point Capital have joined the board, Fred Amoroso takes over as chairman, while Ross Levinsohn steps in as the new interim CEO. Forbes says Levinsohn is a much better fit for Yahoo than Thompson was. For starters, he knows how the digital media business works. "And while Scott Thompson — the now ousted CEO — was famous for saying that he didn't much understand advertising or media, Levinsohn understands both. And he's careful not to over promise and under deliver." Bloomberg agrees, saying Levinsohn's experience will help Yahoo get its bearings after the game of musical chairs in the boardroom. "He is a media guy. He has a long history of digital media. He's done stints at Fox, HBO, also CBS, and that's likely the direction he's going to steer the company in." Sources tell All Things Digital Yahoo terminated Thompson's employment for cause, because of the inaccuracies on his resume. If that's the case, he won't get his severance.