Dan Loeb Sends A Letter Again To Have Scott Thompson CEO Fired
Third Point founder and Yahoo! activist shareholder Daniel Loeb has released a new letter about the resume controversy surrounding Scott Thompson. In the letter, he requested the firing of Scott Thompson. “It seems farcical to us that the Board will most likely spend more time deliberating over whether Mr. Thompson should be fired than it did properly vetting whether he should have been hired,” states the letter. “The necessary investigation into whether certain senior executives and Board Members knew of Mr. Thompson’s deceptions before hiring him should not delay decisive action over his ethical breaches.”
Loeb started a proxy fight with Yahoo! over board seats that he wants. He also said that he can work with the Yahoo! board to find a new CEO. In the interim, he also suggested that Yahoo! puts CFO Tim Morse or media head Ross Levinsohn as the CEO. Last week Yahoo! started investigating Scott Thompson’s bio after receiving a letter about the inaccurate information from Loeb. Thompson’s bio said that he had a computer science and accounting degree from Stonehill College, but he just had an accounting degree.
Patti Hart stepped down from the Yahoo! board of directors because she was the one that vetted Thompson for the job. Thompson worked at eBay subsidiary PayPal before joining Yahoo! eBay CEO John Donahoe lent his words of support to Thompson, but also said that eBay’s legal filings of his bio were always correct even if their website and PR documents being handed out were not.
“I think Scott Thompson did a great job at PayPal. I think he’s a very talented leader and I believe he can help Yahoo. I hope they get through this and he can continue to do the very challenging job he’s got of helping to turn Yahoo around. I’m Scott’s biggest fan,” said Donahoe.
Below is a letter from Loeb:
Third Point May 9 Letter Release