Yahoo Gets New Ultimatum - NBC Bay Area

Yahoo Gets New Ultimatum

New demands for Yahoo



    Yahoo Gets New Ultimatum
    Bob Redell
    Controversy has to do with the college degree of company's CEO.

    Yahoo investor Daniel Loeb has issued a new ultimatum to the Sunnyvale company:  turn over all the paperwork related to the hiring of new CEO Scott Thompson within five business days or face a lawsuit demanding the same. 

    Loeb, who owns roughly five percent of Yahoo through his company Triple Point Partners, wants to see "any job application forms, curriculum vitae [resume], offer letters... or employment agreements". 

    The demand was made less than an hour after Yahoo ignored a different Third Point ultimatum: that the company fire Thompson.

    The fight comes after Loeb attacked Yahoo's claims on its website and in financial filings that Thompson had a computer science degree from Stonehill College.  Thompson has an accounting degree, according to the school.  It is not clear at this point why Yahoo was under the impression Thompson has a CS degree, but it is clear Thompson did not do much in past instances to correct the mistake.

    In its press release, Yahoo called the discrepancy an "inadvertent error."

    Loeb has been a constant critic of Yahoo's board.  The departure of chairman Roy Bostock and founder Jerry Yang have been largely credited to Loeb.  He has offered his own slate of directors, including NBC Universal CEO Jeff Zucker*, former MTV Networks executive Michael Wolf and former Goldman Sachs executive Harry Wilson. A vote will come at Yahoo's annual shareholders meeting, which should come in June.

    Third Point's letter also asks for communications, reports, background checks and other materials related to Thompson's hiring, as well as any board minutes. 

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    Be careful what you put on your resume. The truth hurts. Tonight, Yahoo is practicing damage control after the accuracy of its CEO's resume was called into question. The company says it was a mistake. But a disgruntled shareholder wants him out. NBC Bay Area's George Kiriyama reports from Yahoo headquarters in Sunnyvale.
    (Published Thursday, May 3, 2012)

    -Click here to see the onscreen document from Docstoc:

    Third Point May 7 Demand Letter Release

    *NBC Universal is the parent company of NBC Bay Area.