Yahoo said Tuesday that its board of directors has formed a special committee to review CEO Scott Thompson’s academic credentials after he appeared to have misstated his college degree on his resume.
Hedge fund Third Point, a Yahoo investor, brought the discrepancy to the company’s attention last week and asked for Thompson’s resignation, causing an uproar in the tech world and further demoralizing staffers already hit by a recent round of layoffs.
In a memo to staffers on Monday, Thompson said he has no plans to leave.
The board said the committee will examine “the facts and circumstances related to the review and disclosure of those credentials in connection with Thompson’s appointment as CEO.” Thompson’s resume includes a degree in computer science although it seems he graduated from Stone Hill college near Boston with a major in accounting.
Alfred Amoroso, an independent director who joined the Yahoo board in February, shortly after Thompson took the reins, chairs the special committee.
The other members of the special committee are John Hayes and Thomas McInerney, independent directors who joined the Board in April of this year.
The special committee has retained as its independent counsel Terry Bird of the law firm Bird, Marella, Boxer, Wolpert, Nessim, Drooks and Licenberg in Los Angeles.
Separately, reports said that Patti Hart, the Yahoo director who led the executive search that ended with Thompson, will not seek re-election to the company’s board, making her the first casualty of the credentials dust-up.