TVNewser AgencySpy TVSpy LostRemote FishbowlNY FishbowlDC SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

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.

“I want you to know how deeply I regret how this issue has affected the company and all of you,” reads a memo that CNN got its hands on. “We have all been working very hard to move the company forward, and this has had the opposite effect.”

“We need to continue to act as one team to fulfill the potential of this great company and keep moving forward,” he added.

So that’s the first step. What’s next?

Mediabistro Course

Social Media 101

Social Media 101Get hands-on social media training in our online boot camp, Social Media 101! Starting September 4, social media and marketing experts will help you determine the social media sites that matter most to you, based on your personal and professional goals. Register before July 31 and get $50 OFF with early bird pricing. Register now!