Third Point had set a Monday deadline for Thompson

Monday, May 7, 2012

A shareholder seeking the dismissal of Yahoo's chief executive has demanded the search firm allow access to documents relating to his recruitment.

In January, Yahoo named Scott Thompson, the president of online payments firm Paypal, as its new head.

But investment firm Third Point discovered that Mr Thompson did not hold a degree in computer science as had been claimed.

Third Point had set a Monday deadline for Yahoo to fire Thompson.

Mr Thompson graduated from Stonehill College and was said by Yahoo to hold a degree in accounting and computer science - though the college did not offer the latter subject at the time.

Yahoo has acknowledged the "inadvertent error" and has said it will conduct a review.

But after the Monday deadline passed without incident, Third Point demanded that Yahoo hand over documents and records related to Mr Thompson's recruitment.

"Third Point believes that Yahoo shareholders and employees will be best served if the board accepts responsibility quickly for this latest debacle," it said.

It wants to "investigate wrongdoing or possible mismanagement" by Mr Thompson and the board over the issue.
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