updated 06:10 pm EDT, Thu May 3, 2012
Daniel Loeb owns 5.8 percent of company, wants to shake up board
Daniel Loeb, a major Yahooshareholder, is accusing CEO Scott Thompson of lying about his credentials. Loeb claims that Thompson does not have a bachelor's degree in computer science from Boston's Stonehill College. Yahoo's board was angrily informed of the discrepancy by Loeb on Thursday after they informed shareholders that Loeb wasn't fit to run the company.
Regulatory documents filed last week held Thompson's credentials. Yahoo confirmed Loeb's findings, but labeled the information as an "inadvertent error." Stonehill College did not begin awarding degrees in computer science until 1983 -- four years after Thompson graduated. Thompson received a bachelor of science degree in business administration, with a major in accounting, from Stonehill College. No information was released about who made the mistake in question in regards to Thompson's degree.
The educational accusation against Thompson came a day after Yahoo's board informed shareholders that Loeb didn't deserve to run the company. Loeb currently holds 5.8 percent of Yahoo stock through his hedge fund, Third Point LLC. Loeb is attempting to shake up the board and replace four members with personnel from Third Point.