Yahoo CEO Scott Thompson abruptly steps down after admitting to fabricating details about his degree and reportedly telling colleagues that he has thyroid cancer.
Rough Waters at Yahoo
Former Yahoo CEO Carol Bartz got the boot in September 2011 and speculation arose about whether Yahoo would be up for sale. Then in early January 2012, former PayPal President Scott Thompson took over as Yahoo CEO.
Just when it looked like smoother sailing for Yahoo, Roy Bostock, Yahoo Chairman, stepped down -- or perhaps, jumped ship -- while also praising the new CEO as being "a capable and dynamic leader."
On May 13, Yahoo announced that Ross Levinsohn was appointed interim CEO effective immediately, and that the Board of Directors named Fred Amoroso as Chairman of the Board.
Recently Thompson's resume came under scrutiny for claiming a college degree he hadn't earned. Third Point, an activist shareholder group that owns about 5.8% of Yahoo, exposed Thompson's resume discrepancies after filing paperwork in February that proposed four new Yahoo board members.
Now the Associated Press is reporting that Thompson's thyroid cancer diagnosis contributed to his departure from Yahoo. So far there's no official confirmation from Yahoo about the role cancer played in this latest CEO turnover.
Lots of Layoffs
In early April, we reported that Yahoo announced 2,000 layoffs, taking the headcount down to about 12,000 employees and contractors. The workforce reduction is projected to save the company US$ 375 million over the year.
With the latest round of layoffs and the rapidly revolving door of CEOs, heads must be spinning in the Yahoo offices. Whom do you think should step in as CEO and take the helm next at Yahoo?