New Yahoo CEO Scott Thompson does not have a computer science degree from Stonehill College, as a public biography from when he worked for eBay claimed, and because the “inadvertent error” was repeated in Yahoo’s own SEC filings, a full investigation is under way. Already, Yahoo board member Patti Hart, who led the CEO search, is resigning, All Things D reports, making her the first domino to fall in the mishap. Who’s next?
The board has hired an outside law firm to look into the embarrassing bungle from an already struggling company. It looks pretty bad, as described by Kara Swisher:
Also under scrutiny: How the falsehood was added to Thompson’s public resume and who put it there; why Thompson never noticed the error, there since 2004 at least; why he declined to correct it when asked directly about it; and who at Yahoo might have known about the problem before the hiring.
The “embellished” academic credentials were pointed out by Daniel Loeb of the hedge fund Third Point, which owns 5.81 percent of Yahoo’s shares. Loeb also alleged that Hart’s résumé was beefed up to appear like she has economics and marketing degrees, when she really just has one in business administration with “specialties” in those two areas, so it’s no surprise that she was first to go. While it’s possible that sacrificing herself could please the shareholder gods, don’t be surprised if Thompson ultimately gets the ax too.