Yahoo!'s Santa Monica location. CEO Scott Thompson now says he was never asked for his resume before he was hired.
Here's the latest on the battle between Dan Loeb of hedge fund Third Point and the Yahoo board over whether Yahoo CEO Scott Thompson has been trading on exaggerated educational credentials: Thompson says...he never provided a resume before he was hired!
Mr. Thompson’s likely argument is that while he met with representatives for Yahoo’s board during the hiring process late last year, he never submitted a résumé. That leaves open the question of how the erroneous computer science degree was incorporated into his record.
The nonexistent degree began to appear in his corporate biography at PayPal, the eBay division that he led until accepting the Yahoo job. But a review of eBay’s securities filings shows that the company correctly noted that Mr. Thompson held only an accounting degree.
Justin Sullivan/Getty Images
A Yahoo! billboard is visible through trees in San Francisco, California.
Yahoo, the most confused company in media and technology — and more in a second on why "media" and "technology" are why Yahoo is so confused — has named a new CEO. He's Scott Thompson, who comes to Yahoo from PayPal. The big question is, after the disastrous reign of Carol Bartz, a tough-as-nails Silicon Valley leader, does Yahoo need yet another CEO from the land of tech?
Analysts said one of the first tasks for a new Yahoo C.E.O. would likely be to oversee the sale of its Asian assets.
"If a CEO who’s respected in the Internet industry takes control and gives it a unified vision, that will be very helpful," said Jordan Rohan, an analyst at Stifel Nicolaus. "The sale of the Asian assets is what happens first and what happens afterwards is just a question of how they deploy the cash they get from the sale."
Earlier this week, the Wrap's Fred Schruers had a piece on the post-Carol Bartz Yahoo world and reported that Daniel Loeb, who runs the $8 billion hedge fund ThirdPoint LLC, was making a run at the beleaguered Internet giant. Here's what Schruers had to say, under the headline "Yahoo Under Siege: As Hedge-Fund Raider Closes In, Founders Hint at Sale":
No investor is more of a threat than hedge-fund powerhouse Daniel Loeb, who has recently acquired 5.2 percent of Yahoo's stock. Loeb has gone after companies he thinks are mis-managed before, but the level of vitriol -- and cash -- he’s throwing at the Yahoo board shows that he’s deadly earnest this time.
For a taste of the "vitriol," you can sample this letter that Loeb sent to the Yahoo board earlier this month:
it is evident that merely replacing the Company’s CEO – yet again – will not be enough to alter the direction of the Company. Instead, a reconstituted Board with new Directors who will bring fresh eyes, relevant industry expertise and increased investor alignment to the table is immediately necessary.
Henry Blodget says that Yahoo, now that's it's axed CEO Carol Bartz and pretty much admitted that it's for sale (again), should buy Business Insider and hire "us" as CEO. We're going to assume that by "us", Henry means "Henry." He you have it: "We offer to allow Yahoo to buy Business Insider Inc., for $150 million. And we offer to allow Yahoo to then appoint us acting CEO of the company…Once we have been appointed acting CEO of Yahoo, we will implement our plan." (Business Insider)
"How to bring the jobs back." The New York Times goes big, big, BIG on the Opinion page, serving up four provocative solutions to the unemployment crisis. (NYT)
According to Jay Carney, Obama's $300 billion jobs package "would be "paid for," not financed through deficit spending." (LAT)
The battle over the confirmation of Richard Cordray to lead the Consumer Financial Protection Bureau has begun. Who's Richard Cordray? He's so not Elizabeth Warren. (LAT)