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Posts Tagged ‘Third Point’

With Thompson Gone, Yahoo Needs Stability

So Scott Thompson is out, adding to the growing list of CEOs who simply couldn’t hang on to their job at Yahoo. Not only did hedge fund Third Point get the ouster it wanted, it’s also getting three board seats. Adding to Thompson’s woes, the now former CEO revealed the awful news to the board that he has thyroid cancer, which is part of the reason he’s resigning. He had been in the job since January.

Ross Levinsohn (left), the company’s head of global media, is taking the CEO seat on an interim basis. Does anyone want this job?!

On the positive side, shares of Yahoo stock rose with the news that Thompson was leaving the company. On the negative side, this latest changing of the guard doesn’t change anything for the company just yet. It’s still behind the curve from a tech standpoint and its still got troubles with an unpopular patent infringement suit against Facebook.

It will take time to turn around business fortunes entirely, but the company needs to start by offering up stability.

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Yahoo Taking Baby Steps to Address Activist Hedge Fund Eruption

Patti Hart, a Yahoo board director who helped with the decision to hire CEO Scott Thompson, will announce today that she won’t seek re-election following the eruption over Thompson’s resumé shenanigans. The company will also create a three-person committee that will look deeper into the hiring process.

The trouble started last week when activist hedge fund Third Point uncovered an inaccuracy on Thompson’s CV. Since then, they’ve called for his ouster and, when that didn’t happen yesterday, an investigation and greater transparency. Hart’s resumé was also called into question.

Thompson himself has apologized to employees for the brouhaha.

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Yahoo’s CEO Still Has a Job. For Now.

Yahoo’s CEO Scott Thompson still has a job but Third Point, the activist hedge fund investor that had demanded his ouster for educational inaccuracies on his resumé, isn’t letting up. Now they want to take a look at the paperwork that went into the vetting process.

Yahoo hasn’t responded, but Third Point has been very vocal. CNET has a statement from the hedge fund, which has laid out its demands for widespread investigations pretty thoroughly. Third Point is also seeking greater communication from Yahoo.

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