There are some big changes at Yahoo! In what can only be described as a stunning victory for Dan Loeb and his hedge fund Third Point, Scott Johnson will resign as Yahoo’s CEO and three of Mr. Loeb’s hand-picked directors will join Yahoo!’s board. Although the official announcement will say that Mr. Johnson’s is leaving for personal reasons, Loeb has been pressuring Yahoo to fire Johnson for quite some time. Just this past week, Yahoo gave in after Loeb publicized his suspicions that Thompson had fudged his resume by adding a computer science degree that he did not earn. The phony document was filed by Yahoo with the Securities and Exchange Commission. Which is serious stuff. Thompson’s squirrelly explanations of the gaff tied Yahoo’s hands. What will happen now? Ross Levinsohn, Yahoo’s current EVP and head of global media will become interim CEO and Third Point’s new directors will take their seats. How this affect Yahoo? Visit shellypalmer.com to learn more about it.
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