The Board of Directors of Yahoo today announced that it
has formed a special committee to conduct a review of
CEO Scott Thompson's academic credentials, as the
Internet company finds itself engulfed in a controversy
over its new chief executive's educational background.
The comittee will also review "the facts and
circumstances related to the review and disclosure of
those credentials in connection with Thompson's
appointment as CEO," Yahoo said.
Last week, an activist hedge fund waging a proxy battle
against Yahoo revealed that Thompson did not have a
college degree in computer science as was stated in his
official company biography and in Yahoo regulatory
filings with the U.S. Securities and Exchange
Yahoo has acknowledged that Thompson does not have a
computer science degree, initially calling the
discrepancy an "inadvertent error."
Yahoo director Patti Hart will also not seek
re-election to Yahoo's board, the company said. Ms. Hart, the chief executive officer of International Game Technology, informed the Yahoo! board that the IGT board requested that she not seek reelection as a Yahoo director.
"We thank Patti for her years of service and wish her all the best," the Yahoo board said.
Hart led the search committee that hired Scott Thompson,
the president of PayPal, to take the CEO reins at Yahoo