Yahoo and turmoil are now as synonymous as Google is with web searches.
Today, as reflected by global headlines, prominent hedge-fund manager Daniel Loeb says Yahoo CEO Scott Thompson has to go.
Loeb wants to see an immediate resignation and asks for Yahoo’s CFO or global head of media to serve as interim CEO until a permanent replacement can wisely be selected.
Thompson is facing substantial backlash over accusations that he embellished his educational credentials.
“The evidence shows that [Thompson] has been using false credentials for years,” Loeb wrote, adding that Thompson’s “classic ‘I’m sorry you feel that way’ non-apology” is insufficient to warrant he keep his current job.
“Third Point has over $1 billion invested in Yahoo! and we take no joy in witnessing this carnage,” Loeb added. “This Board’s unchecked value destruction must stop once and for all.”
For now, Yahoo isn’t commenting on the letter and its underlying request, but the embattled Internet company says it is establishing a committee “to conduct a thorough review” of Thompson’s touted credentials or lack thereof.