Reuters: Technology News: Third Point demands Yahoo fire CEO by Monday

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Third Point demands Yahoo fire CEO by Monday May 4th 2012, 18:18 Tweet Share this Email Print Related News Yahoo board to review CEO's education records 3:14am EDT Third Point: Yahoo CEO faked educational record Thu, May 3 2012 Special Report: Inside Chesapeake, CEO ran $200 million hedge fund Wed, May 2 2012 Yahoo shows signs of life, Alibaba in the cards again Tue, Apr 17 2012 Wall Street rallies on earnings, Europe helps Tue, Apr 17 2012 Analysis & Opinion What the Loebs can learn from the Pulitzers The headquarters of Yahoo Inc. is pictured in Sunnyvale, California, May 5, 2008. Credit: Reuters/Robert Galbraith By Poornima Gupta SAN FRANCISCO | Fri May 4, 2012 2:18pm EDT SAN FRANCISCO (Reuters) - Activist hedge fund investor Third Point demanded that internet company Yahoo Inc fire its chief executive, Scott Thompson, by Monday for padding his resume. The hedge fund's CEO Daniel Loeb, who has been waging a public battle to place his company's nominees on Yahoo's board, also called for the resignation of board member Patti Hart, whom he had accused of claiming false degrees on her resume. Yahoo, whose revenue slid by more than a fifth last year, brought in Thompson, PayPal's former president, as chief executive in January, five months after Carol Bartz was fired. Yahoo spokesmen could not be immediately reached for comment. Yahoo's board is reviewing the discrepancy in Thompson's educational record -- Yahoo's SEC filings say he has a bachelor's degree in computer science when his degree was in accounting -- after calling it an "inadvertent error." The resume problem was revealed by Loeb, who issued an ultimatum to Yahoo on Friday demanding it sack Thompson by noon EDT on Monday. Loeb did not say what actions he would take if the company did not meet his demand. Third Point wants Yahoo to publicly reveal the process by which Thompson was vetted and disclose all minutes of any board meeting where his candidacy was discussed. The hedge fund, whose 5.8 percent stake in Yahoo ranks it among the company's largest institutional shareholders, has accused Thompson of deliberately misrepresenting his education. (Reporting By Poornima Gupta) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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