Yahoo's (YHOO) board has formed a special committee to review Chief Executive Scott Thompson's academic credentials, which were recently found to be misstated in a regulatory filing and on Yahoo's website, as well as the circumstances that led to the review and disclosure of those credentials.
Thompson was previously president of eBay's (EBAY) PayPal. He
Tuesday, Yahoo said the committee and board "appreciate the urgency of the situation" and said the review will be conducted in an "independent, thorough and expeditious manner."
The committee is chaired by independent director Alfred Amoroso and also includes independent directors John Hayes and Thomas McInerney.
Third Point LLC, run by activist investors Dan Loeb, last week alleged that Yahoo misstated Thompson's bachelor's degree in regulatory filings, stating he held a degree in accounting and computer science, even though his degree was only in accounting. Yahoo soon after confirmed the error.
Thompson apologized to Yahoo's workforce late on Monday for the furor concerning his academic credentials. Thompson didn't provide an explanation of how the misstatement occurred, why he signed the regulatory filing —which stated that he had reviewed its accuracy — or how the error went unnoticed. Besides Yahoo documents, the inaccurate information appeared on corporate websites of PayPal and other companies with which he was affiliated.
Earlier Tuesday, the Wall Street Journal reported Director Patti Hart is expected to step down later this year, citing a person familiar with the matter. Hart, chief executive of casino-game-maker International Game Technology (IGT) and a Yahoo director since 2010, initiated the search for a new CEO at Yahoo after the firing of Carol Bartz last September.
