As if Yahoo didn’t have enough issues. The internet company released a statement staying that its board will be “reviewing” why inaccurate educational information was included in CEO Scott Thompson’s bio, reports AllThingsD.
On Yahoo’s website and the company’s regulatory filings, it is stated that Thompson has a degree in both computer science and accounting from Boston-based Stone Hill College. It has been revealed however that Thompson doesn’t have a degree in computer science from Stone Hill just a Bachelor’s of Science in Business Administration (Accounting).
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“In connection with the statement the company made earlier today about Scott Thompson, the Yahoo! board will be reviewing this matter, and upon completion of its review, will make an appropriate disclosure to shareholders,” said Yahoo in a statement.
The inaccuracy was brought to light by shareholder Dan Loeb of Third Point who is “agitating for board seats via a proxy fight”.
Bad enough that the information was incorrect the degree in question was not on offer at Stone Hill during Thompson’s time there as CNBC points out:
Third Point: Stonehill College didn’t offer computer science degree until 1983. 1983 was 4 years after Thompson graduated.
— CNBC (@CNBC) May 3, 2012
According to a Business Insider report, the information as been in Thompson’s resume for the last 10 years, and was included in his bio during his time as CTO at PayPal (emphasis ours):
Scott Thompson is president of PayPal with overall responsibility for growing the global leader in online payments. Succeeding Rajiv Dutta in 2008, Scott previously served as PayPal’s senior vice president and chief technology officer where he oversaw information technology, product development, and architecture for PayPal.
Prior to PayPal, Scott worked for Inovant, a subsidiary of Visa formed to oversee global technology for the organisation. As executive vice president of technology solutions at Inovant, he was responsible for all development, support and maintenance of Visa’s global payment system.
Scott was also chief information officer of Barclays Global Investors, where he implemented a new strategic technology platform and global infrastructure. In addition, he has worked with Coopers and Lybrand, delivering information technology solutions to leading financial services clients such as Wells Fargo.
Scott received a bachelor’s degree in accounting and computer science from Stonehill College.
What’s the deal?
In his letter to Yahoo’s board, Loeb points out that the company’s Code of Ethics may have been violated. It states “Disclosure in reports and documents filed with or submitted to the U.S. Securities and Exchange Commision, and in other public communications made by Yahoo! must be full, fair, accurate, timely and understandable.”
As Kara Swisher points out, “Thompson himself is probably not at risk unless it can be definitely proved he was the one who misrepresented having the degree in the first place. He can simply say he had no idea who added it to the eBay Web site and that he did not notice it there on the Yahoo Web site and SEC filings.”
Thompson took the CEO seat three months after controversial axing of Carol Bartz.
Yahoo has removed the line from Thompson’s bio.
