Yahoo’s board has decided to investigate how it came to be that CEO Scott Thompson’s official bio said he had a computer science degree when in fact he didn’t.
Here’s Yahoo’s full statement, as reported by Kara Swisher:
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.
That sounds a lot like they’re trying to figure out how long to give him to resign before they fire him. Hours? Days?
In case there’s any doubt that this is what SHOULD happen, here’s the relevant section on page 13 of Yahoo’s Code Of Ethics, which you can download for yourself if you’re interested.
- Make sure information we disclose about our company is clear, truthful, and accurate.
- Avoid exaggerating, making derogatory characterizations of people or companies, or drawing legal conclusions in business records and communications (including email, IMs, voicemail, blogs, twikis, and informal memos, regardless of intended distribution).
But wait! At the very end of the document, there’s an escape clause:
Waivers of the Code
Yahoo! will waive application of the policies set forth in this Code only where circumstances warrant granting a waiver based on the best interests of Yahoo! and its stockholders. Other than board members, any waiver must be approved by the Chief Compliance Officer and by the Chief Executive Officer. Waivers of the Code for directors and executive officers may be made only by those members of the Board of Directors not involved in the possible waiver and must be promptly disclosed as required by law or regulation.
Surely they wouldn’t, would they?