Yahoo’s board is going to hold a special meeting to look at allegations made by activist investor Daniel Loeb who claimed that Chief Executive Scott Thompson faked his CV.
According to a Reuters deepthroat, the board meeting was expected to address aspects of an internal review.
Thompson emailed Yahoo employees to say sorry for the fallout from disclosures about his academic credentials.
The memo came hours after Loeb, chief executive of hedge fund Third Point, which holds 5.8 percent of Yahoo’s shares, formally demanded in a letter that the Internet company turn over all records related to Thompson’s hiring.
Thompson wrote that he deeply regreted how this issue has affected the company. Yahoo had been working very hard to move the company forward and this has had the opposite effect.
Thompson “respected” the board’s plans to conduct a thorough and independent review.
Loeb revealed how Thompson appeared to claim that he had a computer science degree and now wants Yahoo to publicly reveal the process by which Thompson was vetted – and disclose all minutes of any board meeting in which his candidacy was discussed.
Loeb cited Delaware corporation law that allows a shareholder to inspect a company’s books if that person has a proper purpose and meets procedural requirements.