Yahoo CEO Thompson Apologises Over Degree Accusations
Thompson says he is sorry about how false degree claims have affected company as Third Point begins legal action
Scott Thompson has issued an apology to Yahoo employees in response to accusations that he made false claims of a computer science degree on his CV.
According to a Yahoo insider, Thompson sent the email to Yahoo staff on Monday 7 May, hours after a Yahoo shareholder began proceedings to obtain records related to the hiring of the former PayPal boss.
Turning the screw
“I want you to know how deeply I regret how this issue has affected the company and all of you,” Thompson reportedly told employees in the internal memo. “We have all been working very hard to move the company forward and this has had the opposite effect. For that, I take full responsibility, and I want to apologise to you.”
“I know the board plans to conduct the review thoroughly and independently, and I respect that process. I am hopeful that this matter will be concluded promptly,” he added.
The accusations were first made by Dan Loeb, a Yahoo shareholder and CEO of hedge fund Third Point, which has begun legal proceedings under Delaware law to obtain the books and records relating to Thompson’s appointment and the Yahoo board’s vetting process.
Yahoo has since admitted that it had included a non-existent Computer Science degree in Thompson’s bio and regulatory filings due to an “inadvertent error” and it has also emerged that Thompson did not deny that he the degree in an interview in 2009.
The revelation will be an unwelcome one for Yahoo and Thompson, who is currently presiding over a streamlining operation at the company. Last month, it emerged that 2,000 jobs were to be axed, mainly in the product, research and local business divisions, with warnings that more could follow. Yahoo has also announced plans to shut down a number of products which are no longer seen as important.
Yahoo has struggled in recent years, with Microsoft failing in a £28.2 billion takeover bid in 2009, although it was rumoured to be still interested late last year.
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