Yahoo’s global media leader, Ross Levinsohn, took over today as Yahoo’s
interim chief executive, replacing Scott Thompson in a shake-up that
also will put activist investor Daniel Loeb on the Internet pioneer’s
board.
Yahoo announced the change along with another big one: Fred Amoroso is
now chairman of the board, replacing Roy Bostock. Bostock, along with
Patti Hart, VJ Joshi, Arthur Kern, and Gary Wilson, resigned from the
board.
Thompson left after Loeb’s hedge fund, Third Point, discovered that Thompson’s resume falsely claimed he had a computer science degree.
Third Point, which owns 5.8 percent of the company’s stock, had
launched a proxy battle to seat its dissident-director slate on Yahoo’s
board.
In a settlement of the proxy fight, Loeb and two allies — Harry J.
Wilson and Michael J. Wolf — will join the Yahoo board May 16.
