Yahoo shareholder demands records on CEO's hiring

Activist hedge fund Third Point LLC has made a legal demand for internal records about the embattled Internet company's hiring of CEO Scott Thompson.
By The Associated Press Published: May 8, 2012
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A major Yahoo shareholder has made a legal demand for internal records about the embattled Internet company's hiring of CEO Scott Thompson.

Activist hedge fund Third Point LLC took that unusual step Monday as part of its effort to oust Thompson for an inaccuracy about his academic credentials.

Even before he joined Yahoo four months ago, Thompson's bio has periodically listed a bachelor's degree in computer science that he never received. The exaggeration was most recently repeated in an April 27 filing with the Securities and Exchange Commission.

After exposing the fabrication last week, Third Point set a noon Eastern Time deadline Monday for Yahoo to fire Thompson for unethical conduct. That deadline passed without any change in Thompson's status.

Several experts in corporate ethics and board governance have said the deception regarding Thompson's education probably merits ending his short reign as CEO.

The push to get him fired is unfolding against the backdrop of Third Point's campaign to gain four seats on Yahoo's board.

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