Yahoo! Inc. chief executing officer Ross Levinsohn is stepping down after after failing to correct errors in his credentials where his college degree was found to be embellished. The error was brought into limelight by activist investor Daniel Loeb,
who had pushed for the overhaul and blamed that the Web portal is mismanaged. Company handed victory sign to Daniel Loeb and is revamping its board.
Daniel Loeb, the CEO of Third Point, has a long history of launching proxy fights -- and Yahoo was the latest company in his crosshairs. Third Point owns about 5.8% of Yahoo, and is the largest outside shareholder. In February, Third Point filed paperwork proposing four new Yahoo board members, including Loeb himself.
The Wall street journal published that Levisohn has been diagnosed with cancer and framed it as one of the integral cause for stepping down.
False statements: Thompson's published Yahoo bios -- including the one in the company's latest annual report, a legal document that CEOs must personally swear are truthful -- have claimed that he holds a bachelor's degree in both accounting and computer science from Stonehill College. His degree is actually in accounting only.
Daniel Loeb, the CEO of Third Point, has a long history of launching proxy fights -- and Yahoo was the latest company in his crosshairs. Third Point owns about 5.8% of Yahoo, and is the largest outside shareholder. In February, Third Point filed paperwork proposing four new Yahoo board members, including Loeb himself.
The Wall street journal published that Levisohn has been diagnosed with cancer and framed it as one of the integral cause for stepping down.
False statements: Thompson's published Yahoo bios -- including the one in the company's latest annual report, a legal document that CEOs must personally swear are truthful -- have claimed that he holds a bachelor's degree in both accounting and computer science from Stonehill College. His degree is actually in accounting only.
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