NEW YORK (CNNMoney) — Shock over the news that Yahoo CEO Scott Thompson padded his resume with an embellished college degree quickly gave way to two questions: How the hell did this happen? And what should Yahoo, which went through three CEOs in three years, do about it?
“Thompson has quickly lost the confidence of many employees, who think he has to go,” one senior Yahoo executive told CNN. “A lot of people are saying, ‘How can Yahoo let this happen?'”
The scandal ignited late last week when activist shareholder group Third Point alleged that Thompson lied about his college degree. Thompson’s published Yahoo bios — including the one in the company’s latest annual report, a legal document that CEOs must personally swear are truthful — have claimed that he holds a bachelor’s degree in both accounting and computer science from Stonehill College. His degree is actually in accounting only.
Full story: Should Yahoo’s CEO be fired for lying?