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Just weeks after discovering its new CEO Scott Thompson falsely claimed a computer science degree on his resume, the Internet giant’s board of directors has decided to fire its headman and even oust some of its own. The decision, while not altogether a shock, has sent ripples through Wall Street as investors wonder how the shakeup might affect future earnings.
Thompson was hired earlier this year to great optimism, but layoffs and a focus on commerce rather than ads reportedly caused some dissension among top-level executives. When the resume flap was discovered, many thought Thompson could talk his way out of it. Unfortunately, he blamed the mix-up on Heidrick and Struggles, a headhunting firm who helped him land a previous job, and according to All Things D, they in turn produced the resume he submitted to them which included the lie. After that, there was almost nothing Thompson could do to keep his job.
Rumor has it he’ll claim a medical illness has forced him to resign from the company, but even if he has a documented disease, there’s no way most won’t trace the timing of his exodus back to his resume mishap.
In addition to Thompson, five seats on the board of directors will also reportedly change with Daniel Loeb, the Third Point CEO who discovered the clerical error, getting to choose three of the replacements. Until a permanent replacement for Thompson can be found, Ross Levinsohn, an executive vice president for Yahoo, will steer the ship.
Lying on a resume is a terrible idea. It’s too bad Thompson had to be fired to learn that lesson.