Yahoo chief executive steps down

Yahoo has said Ross Levinsohn will temporarily replace chief executive Scott Thompson, who stepped down in the face of controversy about his allegedly inflated CV.

The California-based company said Fred Amoroso would take over as head of the board of directors as the struggling Internet pioneer seeks its fifth new chief in as many years.

Amoroso was the board member leading the investigation into inaccuracies on Thompson’s CV and Levinsohn is Yahoo’s head of global media.

Third Point, the hedge fund that owns a six per cent stake in Yahoo, has pushed for the changes. Third Point CEO Dan Loeb and two of his nominees will join Yahoo’s board. Four directors who had planned to retire at the annual meeting will step down immediately.

Thompson has been under fire for more than a week over mentions in his CV and company filings of a computer science degree he did not earn.

Yahoo has already acknowledged that Thompson, who took up his post in January, does not have a computer science degree. Thompson was previously the president of online payments firm Paypal.

The error over Thompson’s incorrect biography earlier claimed its first casualty, Patti Hart, the Yahoo director who oversaw the search that culminated in his hiring.

Hart is to step down at Yahoo’s still unscheduled annual meeting later this year.