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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.

“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?

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