Yahoo CEO Scott Thompson fired, Ross Levinsohn is Interim CEO
Just an hour back, we have reported that Scott Thompson is going to step down and now, Yahoo has officially confirmed via a Press Release that Scott is out of the company and he’s fired after four months of joining Yahoo’s CEO post.Scott Thompson was caught in a cheating case and a few weeks back a repot broke that Yahoo CEO Scott Thompson has not got the Computer Science degree from Stonehill College and has got the accounting degree and thus, he has became the PayPal President, but now, all is gone.
Now, according to the Press Release, Yahoo’s new CEO is Ross Levinsohn but he is just an interim CEO and is not a permanent CEO, the board of members have decide that for now, Ross will be the CEO and later on, he can or cannot be replaced by some one else.It’s not the only thing that has changed even Chairman of the Board of Directors is also changed and now, Fred Amoroso is the new Chairman of Board of Directors and former Chairman Roy Bostock has stepped down in order to accelerate the leadership transition for the new Board.
Fred Amoroso, Chairman of the Yahoo! Board of Directors said:
[quote type="large" align="left"] “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.” [/quote]
This is not the end of the story, Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf will join the Yahoo Board on May 16, 2012 and as Roy has stepped down therefore, Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson will leave the board immediately and the company says that they are thankful for their long term services.Anyway, now Yahoo has got a new CEO Ross Levinsohn and a new Chairman of Board of Directors too.Anyway, let’s hope that these experienced executives will bring glory to the company again.Check out the Press Release below for more information.
[togglebox state="closed" head="PRESS RELEASE" ]
Yahoo! Names Fred Amoroso Chairman and Appoints Ross Levinsohn Interim CEO
Board Announces Settlement with Third Point LLC
SUNNYVALE, Calif. — Yahoo! Inc. (NASDAQ: YHOO) today announced that the Board of Directors has named Fred Amoroso as Chairman of the Board of Directors and Ross Levinsohn as interim Chief Executive Officer, effective immediately. The Company also announced that its Board has reached an agreement with Third Point LLC (“Third Point”) to settle its pending proxy contest related to the Company’s 2012 annual meeting of shareholders.Mr. Amoroso replaces Roy Bostock, who has stepped down from his role as Non-Executive Chairman in order to accelerate the leadership transition for the new Board. Mr. Levinsohn replaces Scott Thompson, former Chief Executive Officer, who has left the Company.Under the Board’s settlement agreement with Third Point, three Third Point nominees — Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf — will join the Yahoo! Board, effective May 16, 2012. Mr. Bostock, along with Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson, all of whom previously disclosed their intentions not to stand for re-election, as well as Mr. Thompson, have decided to step down from the Board immediately.As a part of the settlement agreement, Third Point, which owns an aggregate of 70,545,400 shares, or 5.8% of Yahoo! common stock, has agreed to withdraw its previous Board nominations for consideration at the annual meeting and vote its shares in support of Yahoo!’s nominees. Yahoo!’s slate of director nominees for election or re-election at the 2012 annual meeting of stockholders will now include Fred Amoroso, John Hayes, Peter Liguori, Thomas McInerney, Maynard Webb, Sue James, David Kenny, Brad Smith, Daniel S. Loeb, Harry J. Wilson and Michael J. Wolf.As interim CEO, Mr. Levinsohn will manage the Company’s day-to-day operations with assistance from Yahoo!’s existing senior leadership team.“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,” said Fred Amoroso, Chairman of the Yahoo! Board of Directors.Mr. Amoroso continued, “On behalf of the entire Board, I would also like to thank Patti, VJ, Arthur, Gary and, in particular, Roy, for their dedicated long-term service and contributions to the Board and Yahoo!.”Third Point Chief Executive Officer Daniel S. Loeb stated: “Harry, Michael and I are delighted to join the Yahoo! Board and work collaboratively with our fellow directors to foster a culture of leadership dedicated to innovation, excellence in corporate governance, and responsiveness to users, advertisers and partners. We are confident this Board will benefit from shareholder representation, and we are committed to working with new leadership to unlock Yahoo!’s significant potential and value.”Third Point Director Nominee Jeff Zucker stated: “I have been supportive of Third Point’s efforts since Daniel asked me to join the slate. When I became aware of Yahoo!’s offer of three board seats to Third Point, I approached Daniel and let him know that I would be happy to step aside to quickly facilitate a settlement. I believe that it is in Yahoo!’s best interests to avoid a prolonged proxy fight and have new board members immediately to help move the company forward. While there is clearly much work to be done, this is the right combination of talented executives to do just that.”