In defending his bio error, Scott Thompson has attempted to lay the blame on a junior employee at executive placement company Heidrick & Struggles who supposedly mis-heard Thompson's claim of not having a Computer Science degree and used that incorrect information to build his standard bio.
Subsequent to that, PayPal placed the bio on it's web site and it was also used as a reference for any conferences etc that Thompson spoke at. Furthermore, when seeking to join Yahoo!, Thompson provided no resume and it would seem the recruitment team at Yahoo! Relied on a simple web search to uncover the same document.
Of course the problem is that the bio of a CEO becomes a legal document when it is placed on file at the Securities Exchange Commission.
Thompson has admitted to never checking the document when it was used at countless conferences and as his reference for being appointed to various company boards of directors.
But that is by no means the end of this rather sordid saga.
Current Yahoo! Chairman Roy Bostock and four other directors who were scheduled to step down at the company's annual meeting (anticipated to be in June) will depart immediately. Three of these vacancies will be filled by Daniel Loeb and two of his allies, former MTV Networks executive Michael Wolf and turnaround specialist Harry Wilson.
The four departing directors include Patti Hart, widely regarded as the director responsible for the recruitment error. In addition to being the leader of the recruitment team which selected Thompson, Hart also has resume issues of her own when Loeb uncovered a similar error in her qualifications.
It also appears that the new board is looking at ways to ignore Thompson's resignation and to sack him instead on the basis that he lied to them (at least implicitly) to gain the role. This would save the company millions in termination fees to be paid to Thompson.
So, with a significant change in the board and the departure of its CEO, it is now very unclear what will become of the plans in place to restructure Yahoo!.
Does this mean that many of the 2000 employees will be "un-fired?" What of the restructuring plans already in train? We await Levinsohn's early moves with great interest.