Thompson's Controversy

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Question 1 – What triggered the controversy? The entire controversy was triggered by Dan Loeb, CEO of Third Point who also owned 5.8% Yahoo. Dan sent a letter to Yahoo’s Board of Directors which he then made the contents public. The letter detailed how Thompson’s resume included false claim that he holds a degree in computer science from Stonehill College, when in actual fact Thompson’s degree was in Accounting only. Loeb sites that Stonehill College only warded computer science degrees four years after Thompson graduated. Loeb questioned whether if Thompson embellished his credentials and if the Board of Directors of Yahoo failed to exercise due diligence in the hiring of a Chief Executive. Question 2 - Outline the timeline of the main events of the case. …show more content…

Activist shareholder and hedge fund leader Daniel Loeb at Third Point LLC had revealed the inaccuracies in both bios. May 7: Thompson apologizes for the error about his degree, without explanation. He says in an email to employees that he won’t resign. May 8: Yahoo says Hart will step down at the company’s annual shareholder meeting, which remains unscheduled. May 10: Thompson assures his colleagues at Yahoo that he didn’t supply the incorrect information. May 13: Yahoo says Thompson has left the company and Ross Levinsohn, an executive in charge of its media operations, will be interim CEO. Yahoo also announces new board chairman, Fred Amoroso. The company says Hart, current chairman Roy Bostock and two other board members are leaving and three new board members, including Loeb, will join Wednesday. May 14: The Wall Street Journal reports that Thompson had told the board last week that he has thyroid cancer. The diagnosis contributed to his decision to step

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