May 11, 2012
Yahoo’s Thompson Claims He Never Gave False Information
Michael Harper for RedOrbit.com
Yahoo´s embattled CEO Scott Thompson told top executives at the once great internet company he had never given them false information on his resume, according to a person familiar with the matter.
According to Reuters, Thompson held a meeting with the top brass of Yahoo´s staff to address the turbulent matter currently shaking things up in Sunnyvale, California,
The Yahoo! board of directors has declined so far to comment on Thompson´s executive meeting.
Yahoo´s board has, however, created a three-person committee designed to investigate how Thompson was hired, how his false computer science degree ended up on his resume and how that resume was filed with the SEC. Yahoo! isn´t the first company Thompson has worked for while claiming to have a Bachelors degree in computer science. Bios on PayPal.com have also revealed Thompson´s false computer science degree on his resume.
The difference between Ebay´s PayPal and Yahoo!, of course, is that Ebay never filed his false resume with the SEC.
According to Reuters, it´s not uncommon for top-level executives to be without a resume or not even have a resume at all.
Keith Giarman heads top-executive recruiting for venture capital and private equity firms for DHR International. According to Giarman, these recruiting firms will create their own packet of information about the executive, including their resume and job performance details, and then send it out to prospective companies.
According to the Washington Post, Thompson blamed the mix up on such an executive search firm who has yet to be named.
Regardless, his answer doesn´t clear up any explanation for why a false degree has been floating on his resume for all these years and, more importantly to those calling for his resignation, why he knowingly filed this false information with the SEC.
The drama began last week when activist investors and 5.3% owners of Yahoo! Dan Loeb and Third Point LLC noticed this discrepancy on Thompson´s resume and started asking for answers. Since then, multiple letters have been fired from Third Point to the board and the SEC, eventually ending in an ultimatum and calls for Thompson´s resignation.
These actions have already cost one Yahoo! employee her job.
Patti Hart has already claimed she wouldn´t seek her place on the board next year. Patti Hart was the chair of the committee responsible for finding Thompson and bringing him on board. In an interesting turn of events, Loeb also found that Hart had lied about her degree on her resume, claiming she had a Bachelors in Marketing when instead she has a Bachelors in business administration.
To scrounge up some more support, Loeb is now saying only allow those investors with Yahoo! stock as of May 17 to be eligible to vote for at an upcoming meeting to determine if Loeb himself and 3 other allies should be placed on the board. Yahoo! normally holds this meeting in late June.