Yahoo Taking Baby Steps to Address Activist Hedge Fund Eruption
Patti Hart, a Yahoo board director who helped with the decision to hire CEO Scott Thompson, will announce today that she won’t seek re-election following the eruption over Thompson’s resumé shenanigans. The company will also create a three-person committee that will look deeper into the hiring process.
The trouble started last week when activist hedge fund Third Point uncovered an inaccuracy on Thompson’s CV. Since then, they’ve called for his ouster and, when that didn’t happen yesterday, an investigation and greater transparency.
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