Yahoo board members are, at this very moment, looking deep within themselves trying to decide whether or not they need to fire yet another CEO. Help them out?
First some context, so you can make an informed choice.
After years of sliding sideways despite a massive audience of 700 million people, Yahoo was forced to fire CEO Carol Bartz last summer.
Then there was a dragged-out head-hunting process that finally ended when an unknown PayPal exec named Scott Thompson “cold-emailed” the board and said he wanted the CEO job.
The board didn’t vet Thompson the way it normally would have, but it hired him.
Meanwhile, Dan Loeb, who manages the hedge fund Third Point, decided to become Yahoo’s biggest shareholder and launch a proxy fight.
Loeb thinks Yahoo needs a new board.
Yahoo could have ended this proxy fight by simply putting Loeb on its board.
It chose not to.
So then, yesterday, Loeb published a letter in which he accused Yahoo CEO Scott Thompson of lying to the SEC and Yahoo’s board about having a computer science degree.
It turns out this accusation was correct: Thompson does not have a computer science degree, despite claiming to have had one for the past several years and in bios for a couple other jobs.
So now, Yahoo’s board has a call to make. Does it fire Thompson or not.
If Yahoo fires that CEO, Scott Thompson, it will have to name a fourth CEO in under a year. Also, it will be getting rid of a guy who, at the very least, seems to be eager to make hard decisions quickly.
If it doesn’t, the board will be essentially telling the industry and the company employees that it is OK to lie. Also, the board will have to live with having a CEO that has almost zero credibility in Silicon Valley engineering circles.
UPDATE: The poll is closed. Below, the results.
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