Yahoo replaces chief executive over ‘embellished’ CV

AMERICAN internet firm Yahoo has removed its chief executive in a row with a major investor over his allegedly embellished CV.

Scott Thompson, Yahoo’s third chief executive in as many years, was accused by hedge fund Third Point of claiming a computer science degree he did not have.

The fund is one of Yahoo’s largest shareholders with a 5.8 per cent stake and has long been unhappy with the company’s performance.

One of the first major businesses built on the web, Yahoo has been trying to turn itself around after competition from the likes of Google and Facebook reduced it to a shadow of its former self.

Thompson, previously head of eBay’s PayPal, arrived in January and promptly announced plans to axe 14 per cent of the workforce - about 2,000 staff. The company has not given a reason for his departure.

Yahoo’s media and advertising chief Ross Levinsohn has taken over as interim chief executive, while Third Point has been given three seats on the company’s board.