Sat, May 05, 2012 - Page 10 News List

Yahoo CEO padded school qualifications: hedge fund

Reuters, SAN FRANCISCO

Activist hedge fund Third Point on Thursday accused Yahoo Inc’s new chief executive, Scott Thompson, of padding his educational record, and Yahoo called the discrepancy an “inadvertent error.”

Thompson claims to hold a bachelor’s degree in accounting and computer science from Stonehill College near Boston, but he “embellished his academic credentials,” as the CEO’s degree is in accounting only, Third Point’s founder and chief executive, Dan Loeb, wrote in a letter to Yahoo’s board on Thursday.

“Stonehill College informed us that it did not begin awarding computer science degrees until 1983 — four years after Mr Thompson graduated,” Loeb said.

Third Point is a large Yahoo investor that has publicly battled the Internet company’s board in the past.

“Scott Thompson received a bachelor of science degree in business administration with a major in accounting from Stonehill College,” the spokesman said in an e-mailed statement.

“There was an inadvertent error that stated Mr Thompson also holds a degree in computer science,” he added.

Yahoo reiterated its confidence in its CEO, saying he is a “highly qualified executive with a successful track record leading large consumer technology companies.”

The letter represents the latest salvo from Third Point, whose 5.8 percent stake in Yahoo ranks it among the company’s largest institutional shareholders.

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