A major Yahoo shareholder is accusing the internet company's CEO of lying about his technology credentials to make himself appear more qualified for the job.
Activist hedge fund Daniel Loeb says he has discovered that Yahoo CEO Scott Thompson, former president of PayPal, doesn't have a bachelor's degree in computer science from Stonehill College near Boston as Yahoo stated in regulatory documents filed last week. He made the allegation in a letter on Thursday to Yahoo's board of directors.
Yahoo confirmed Loeb's findings, but the company attributed the misinformation to an "inadvertent error."
Loeb is leading a campaign to shake up Yahoo's board so he can help come up with a strategy to boost the company's long-slumping stock price. He controls a 5.8 per cent stake in Yahoo through Third Point LLC.