Third Point Capital, the hedge fund that’s harassing Yahoo CEO Scott Thompson, buried a fun little nugget of news about the CEO hiring process at Yahoo in its latest letter.
According to the fund, Patti Hart, the board member who led the vetting and hiring of Thompson was paid $15,000 for her work. Considering the fact that she’s a millionaire, and she’s paid to be on Yahoo’s board this tiny stipend is quite amusing.
Hart is stepping down from the board due to the revelation that Thompson’s resume said he had a computer science degree which he never actually received.
Third Point wants Thompson to be fired and Yahoo CFO Tim Morse or top exec Ross Levinsohn named as interim CEO. Then Third Point wants its own board nominee, former MTV CEO Michael Wolf, to lead the CEO search.
The kicker from Third Point: “Mr. Wolf will waive the $15,000 fee that Ms. Hart received for her work as Head of the Search Committee last year, which we expect she will promptly disgorge.”
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