Yahoo CEO Thompson Resigns over Resume and Disease
Estimated reading time: 2 minutes, 38 seconds
Things are going in all directions for Yahoo these days, but its far from a steady road ahead. Even though the former search giant keeps developing they are also experiencing a lot of headwind.
Yesterday Yahoo announced that its president Scott Thompson has resigned. His place will be taken for now by Yahoo’s global media head Ross Levinsohn. Thompson has been under fire for lying on his resume but health issues are supposedly also part of the reason he is leaving.
Thompson came from Paypal after Carol Bartz was fired last September and thus has not been in charge for very long. Recently it rumors came up suggesting Thomspon had been lying on his resume. This is one of the reasons the CEO is stepping down.
Another reason source say is that Thompson has been diagnosed with cancer and has therefore decided to take things slower. That off course being a very sad reason for departure.
In the official announcement Yahoo says:
“The Board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders and further accelerate the substantial advances the Company has made operationally and organizationally since last August. The Board believes in the strength of the Company’s business and assets, and in the opportunities before us, and I am honored to work closely with my fellow directors and Ross to continue to drive Yahoo! forward,”
AllThingsD (again, its as if Kara Swisher is bcc-ed in the internal Yahoo mails) has gotten their hands on the first memo sent out about the changes. From this memo:
“Importantly, today’s announcements lay to rest the unfortunate and serious distractions surrounding our senior leadership and the composition of our Board going forward. I know that Fred and the new Yahoo! Board are looking forward to working constructively to stabilize the leadership team and to further accelerate the progress we have made in reinvigorating Yahoo!, executing against the Company’s strategic initiatives and enhancing stockholder value.”
Levinsohn writes also:
“For my part, I want you to know that I am honored to lead this great company as interim Chief Executive Officer, and I accept that responsibility with enthusiasm and confidence for three reasons above all others: As I have said since I joined Yahoo in 2010, I believe in the tremendous strength and value of our brand, and in our relationship with our users and partners; I believe in the substantial organizational, operational and strategic progress we have made in recent months in spite of the internal and external challenges we have faced; and most of all, I believe with all my heart in all of you and your dedication to continuing to make this company great. What we achieve in this company is substantial on each and every day, on a scale rarely matched across the globe. I’m incredibly proud to be a part of this team.”
How this change will work out for Yahoo remains to be seen but again the waters in which Yahoo sails are far from quiet. Maybe they should focus first on getting a steady route. Time will tell.