Scott Thompson (photo courtesy PayPal, all rights reserved) resigned as CEO of Yahoo! and the company appointed Ross Levinsohn, the company’s global media head, as his interim replacement. In addition, Fred Amoroso became chief of the board of directors replacing Roy Bostock, who resigned along with the other board members Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson. Daniel Loeb, Harry J. Harry J. Wilson and Michael J. Wolf became members of the board of directors.
Scott Thompson was appointed Yahoo! CEO at the beginning of the year, the fourth to have that position in less than five years. Among the many problems of the company, Thompson had to deal with the internal ones, especially with Daniel Loeb, who holds 5.8% of the company shares and is trying to gain more power within the board of directors.
In early May, Daniel Loeb revealed that Scott Thompson hadn’t graduated in computer science and accounting at Stonehill College, as it’s indicated in his resume. He has a degree but only in accounting. This news allowed Loeb to drive a sort of revolt by various Yahoo! shareholders who demanded Thompson’s firing.
Now the resignation by Scott Thompson arrived but the Wall Street Journal reported that Thompson told the board of directors and several colleagues he’s diagnosed with thyroid cancer. Thus, officially his resignation was motivated by these health problems but the impression is that he was done as Yahoo! CEO.
Yahoo! profits have increased in the first quarter of this year and the company is still considering the sale of a part of Alibaba. After this new internal revolution, however, we must first see who will be chosen as CEO and then see what the business plans will be. There seems to be no peace for this company that years ago was a leader in Internet and now struggles not to be overwhelmed by its competitors.