3-member panel to review Yahoo CEO credentials, appointment
SUNNYVALE, California - A special committee has been set up by the Board of Directors of Yahoo! Inc. to do a thorough review of CEO Scott Thompson's academic credentials, as well as the facts and circumstances related to the review and disclosure of those credentials leading to his appointment.
The special committee is chaired by Alfred Amoroso, an independent director, who joined the Board in February this year. 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.
A Fellow of the American College of Trial Lawyers and a former federal prosecutor, Bird has also served on the President's Judicial Advisory Committee for the Central District of California.
The Board intends to make the appropriate disclosures to shareholders promptly upon completion of the review, the company stated.
Patti Hart, the Yahoo Inc. board member who chaired the committee that led to the hiring of Chief Executive Scott Thompson, has meanwhile decided to step down, web portal AllThingsD reported Tuesday, citing unnamed sources.
The web portal's statement did not address the report on Hart's departure. Representatives of the company did not immediately respond to questions on the report.
Hart will not seek re-election in the next annual meeting, AllThingsD said.
She had been criticized by shareholder activist Daniel Loeb, chief of the investment group Third Point, for her role in the selection of Thompson.
Third Point is waging a proxy war against the Yahoo board.
Last week, Third Point went public with a claim that Thompson had
misstated his credentials in claiming he had a computer-science degree. Yahoo has called the mistake an error, but Loeb has asked the company to dismiss Thompson.
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