Seeking Alpha
Seeking Alpha Portfolio App for iPad
Finance
(1)
Market Currents

Embattled Yahoo (YHOO) CEO Scott Thompson will reportedly step down to be replaced temporarily...

  • Sunday, May 13, 2012, 12:20 PM ET
    Embattled Yahoo (YHOO) CEO Scott Thompson will reportedly step down to be replaced temporarily by global media head Ross Levinsohn while Yahoo once again looks for a leader. And Yahoo's five directors, who were set to step down in the summer, will leave the board immediately to make room for Dan Loeb's Third Point nominees, with recently added director Fred Amoroso moving to board chair.
Track new comments on this story

This news story has 45 comments:

  •  
    Yahoo! is the Joe Biden of tech firms.

    Target price: $1
    13 May 2012, 12:23 PM Reply Like
  •  
    Look, I believe in freedom of speech and all that, but I simply cannot support anybody insulting Joe Biden like that.
    13 May 2012, 03:10 PM Reply Like
  •  
    Joe who? When is the last time he has been heard from?
    13 May 2012, 09:36 PM Reply Like
  •  
    He was on SNL this week. :)
    14 May 2012, 12:16 PM Reply Like
  •  
    Do people still watch that show?
    14 May 2012, 05:30 PM Reply Like
  •  
    Yahoo! Love Joe!!
    14 May 2012, 09:49 PM Reply Like
  •  
    *rolls eyes

    Here we go again. If you love Joe you must have loved Dan Quayle too!
    14 May 2012, 10:47 PM Reply Like
  •  
    No comparison - Dan was kind of handsome but we all knew his wife was the boss. LOL (plus he can't spell worth a darn)

    Now Joe, he's from different stock; the common man. He lost his wife and child in a car crash when just elected senator, the youngest ever, I believe. I would never deem to judge Joe Biden on anything. He's the real deal!
    25 Jun 2012, 04:48 PM Reply Like
  •  
    Ok, so because we must have sympathy for his loss, we cannot question him, wow.
    25 Jun 2012, 05:20 PM Reply Like
  •  
    phemale, maybe so but he has been one of the most invisible and boring VPs in I don't know how long. Then again he was a boring Senator too. At least Quayle's wild moral ideas are memorable. And he will forever be remembered for the "You're no Jack Kennedy" retort from Lloyd Bentsen.
    Years from now people are going to say:
    Joe who?
    25 Jun 2012, 06:34 PM Reply Like
  •  
    Cringing ---- I was so embarassed for poor Dan (even tho it was a show stopping knee slapping hootin and hollaring remark I almost nearly forgot) -- and I don't think he ever got over it.

    Joe boring? You kidding me? what with his open mic slips about "big f'g deals," and speeches about "big sticks" -- he keeps politics on the light side, kinda! Joe's a cool dude!
    2 Jul 2012, 10:55 PM Reply Like
  •  
    Using this logic you must have loved GW Bush too!
    4 Jul 2012, 05:40 PM Reply Like
  •  
    You kidding? he was a riot!!! except for the obvious crapola the country ended up in. I liked his wife, a class act! He was a puppet for Cheney, Rumsfeld, Wolfowitz, the hawks who are advising Romney. Just what we need again -- armchair generals -- boys with their war toys!
    12 Jul 2012, 11:49 PM Reply Like
  •  
    Yeah, I guess we can just forget the other 7 1/2 years of economic growth and unemployment under 6%. Obama makes Bush look like a genius.
    13 Jul 2012, 02:13 AM Reply Like
  •  
    Oh please, Bush inherited a surplus and economic glory days from President William J. Clinton, don't ya forget, and squandered it taking us to the depths of despair. Now ya'll love yelling how President Obama isn't cleaning Bush's mess up fast enough. Always seems to be the way! People have selective amnesia!!
    22 Jul 2012, 09:31 PM Reply Like
  •  
    Oh how you forget 9/11

    Talk about amnesia.
    22 Jul 2012, 10:18 PM Reply Like
  •  
    What does that mean? 9/11 happened under GWB! Oh yeah, and he didn't even try to capture Bin Laden when had the chance. I live in Manhattan --- threat is real to me -- and continues to be everyday I get on the subway. If something's going to happen it will be here most likely. I am grateful for the excellent job President Obama, the military and Nat'l Security team are doing along with NYPD, everyday keeping us safe. Looks like cities get the international terrorism while the rest of the country gets the domestic nutjobs, like what just happened in Aurora, Colorado. I think our divisions are taking a toll causing some to snap. Let's just all get along!
    22 Jul 2012, 10:29 PM Reply Like
  •  
    So now 9/11 was Bush's fault too wow. Why didn't Clinton get him while he had a team on the group with a sniper in his sights?

    Ok so leave that aside. Not everything was Bush's fault, and Bush inherited a Clinton recession don't forget also. The card house was crumbling before Bush, Clinton, Bush ect...
    22 Jul 2012, 10:49 PM Reply Like
  •  
    Yes, but seems you're always blaming Obama for everything, like so many. I don't like bullies!

    But yes, it has been crumbling for decades, with intervals of upswings. We had the Industrial revolution, then the Tech revolution -- what's next? I say all that's left is ART --- a Creative revolution, where artistic expression along with tech and industry will expand! I only hope our next expansion is not war weaponry instead.
    23 Jul 2012, 10:37 AM Reply Like
  •  
    Tech revolution or era is not over.
    23 Jul 2012, 12:19 PM Reply Like
  •  
    Yes, robots will be doing all human work. CVS near me uses self- scanning cashier, no people anymore. Only those trained to build and repair computers and robots will be working, and those waiting on us at restaurants. What's left? Disneyworlds and water parks!! Just like the Matrix!! When the market turns sour I get dour. Ha ha! Maybe tomorrow I'll see some light.
    23 Jul 2012, 02:03 PM Reply Like
  •  
    Nano technology. You need to do a lot more reading and learning rather than commenting on things you don't know much about.
    23 Jul 2012, 05:22 PM Reply Like
  •  
    "Nano Technology"? Isn't that a 50 Cent song? ;-)
    23 Jul 2012, 10:28 PM Reply Like
  •  
    The definition of dysfunctional has a new example. Thompson would have gotten something done IMO but now nobody will get anything done. All PC, infighting and no action.
    13 May 2012, 12:30 PM Reply Like
  •  
    He is not the only one, who could have something done. They will find someone more honest. I think it is a positive development.
    13 May 2012, 02:11 PM Reply Like
  •  
    I think the real question is this:

    Is this the best thing for Yahoo's shareholders? Or just for Dan Loeb and Third Point?
    13 May 2012, 02:19 PM Reply Like
  •  
    those are one and the same thing - he is the largest shareholder
    13 May 2012, 02:47 PM Reply Like
  •  
    Largest, but not majority. Loeb and his buddies own about 15% of outstanding shares: http://bit.ly/JM24V3

    Don't the other 85% get a say? Or is it that only the top dog gets to vote?
    13 May 2012, 02:53 PM Reply Like
  •  
    The other 85% do get a say - there was a proxy sent out to all shareholders to vote on the board slate.

    Thompson is stepping down on his own accord - Loeb and another large shareholder can't force that to happen just because they own a lot of shares.
    13 May 2012, 02:56 PM Reply Like
  •  
    We just need Nokia, Rimm, yahoo and netflix to merge into on giant cluster $&*# corporation and be done with it.

    We'll call it Charlie Foxtrot, inc.
    14 May 2012, 03:34 AM Reply Like
  •  
    D_Virginia, they do get a say. That is why Loeb used trial by public media. He could not get other large shareholders to support him. This is the problem with today's meddling shareholder. They have no clue about the business but recent rules allow them to stick their noses in far enough to cut off their faces. Loeb should have taken the recent $16/share.
    14 May 2012, 05:35 PM Reply Like
  •  
    The best comment you ever wrote!! Sounds great. But who's Charlie Foxtrot? That your real name?
    22 Jul 2012, 09:33 PM Reply Like
  •  
    Epic tragedy in play; Thompson is not a guy who needs to file a resume; his record of accomplishment preceded him. Now we have a typical corporate coup d'etat and assassination. And YHOO will now be controlled by a hedge fund guy instead of a worker and innovator. Sad, very sad. Very tragic though.
    13 May 2012, 12:34 PM Reply Like
  •  
    He headed a virtual monopoly with a captive audience for a few years. Before that, he was a VP at an acknowledged duopoly. Easy to make yourself look good in positions like that.
    13 May 2012, 02:50 PM Reply Like
  •  
    Why'd he need to lie then?
    13 May 2012, 06:03 PM Reply Like
  •  
    JJ

    OK if one accepts your assertion then the flip side of your arguement is why would anyone who is a real top drawer leader want to work for Yahoo?

    I think this was as good as it was going to get for Yahoo.
    13 May 2012, 08:04 PM Reply Like
  •  
    Even fiction cannot compete with his script.
    13 May 2012, 12:49 PM Reply Like
  •  
    Maybe, YHOO and RIMM can form the perfect marriage.
    13 May 2012, 01:16 PM Reply Like
  •  
    As long as they never have children :-)
    13 May 2012, 01:45 PM Reply Like
  •  
    Sounds like yahoo is about to be disassembled for it's
    parts, if there are any to sell off. The wolf, oops, I mean
    hedge fund guy smells a blood trail...

    TK- Spot on. What has really happened here, as you
    indicated by association with RIM in your post, that yahoo has fallen
    behind the curve of advancing tech, as yahoo goes through
    infighting to control whats left.

    The wolf is going to be chewing on bones, before it's over...

    -Ric
    13 May 2012, 02:59 PM Reply Like
  •  
    really tired of seeing headlines about Yahoo.
    13 May 2012, 03:48 PM Reply Like
  •  
    He may have been good for YHOO, we'll never know. But it is bad Karma to lie and Karma always prevails in the end.
    13 May 2012, 09:25 PM Reply Like
  •  
    I'm just glad I don't have anything invested in YHOO. Scott Thompson was the best chance they had to finally make it into the 21st century. Just shows Yahoo! boardroom is just as dysfunctional as the HP's since the end of the 20th century (with the exception of Mark Hurd's hiring). All you people who say Thompson lied, SO WHAT. Look at his bio and then EBAY 10Q/10Ks in the last few years. Then ask yourself how does EBAY make money these days? Who was responsible for this at EBAY? Here is a bio to help you figure it out:

    http://bit.ly/Jx0SmP

    "Mr. Thompson served as the President at PayPal, Inc. from January 2008 until January 3, 2011. He served as the Chief Technology Officer and Senior Vice President of PayPal, Inc. from February 7, 2005 to January 2008. Mr. Thompson had overall responsibility for growing the global leader in online at payments PayPal."

    He could have helped YHOO finally become more than a give it away for free data provider. Hope you're happy. Loeb and his minions will try to turn Yahoo! into another media outlet. We all know how that turns out. It is spelled AOL. So you see this "accountant" understands technology even though his education may not say so. The board should have told Loeb to take a flying leap or buy more stock to take over the company. Instead they folded like a weak board would do. There was no other pressure from big institutional holders. Otherwise, Loeb would have been able to do more than trial by media.
    13 May 2012, 09:52 PM Reply Like
  •  
    bilton

    Agree with a lot of what you are saying. Scott T would have helped them.

    What I have heard recently on Bloomberg I believe is that there may have been some Sarbannes Oxley issues which I don't know about for sure.
    13 May 2012, 11:03 PM Reply Like
  •  
    I think Yahoo has a great finance page. I keep Fidelity's "Active Trader Pro.com" page open all day to check my portfolio in real time, but also keep open Yahoo's Finance page for "Market Overview," which I check many times during the day while at work, and find it's layout easy to spot upgrades, downgrades, market news by the minute. If anyone can provide me a better site I'd appreciate it.
    2 Jul 2012, 11:15 PM Reply Like
LATEST|
TODAY SO FAR|
YESTERDAY
Other date
DJIA (DIA) S&P 500 (SPY)
Latest Articles
More Latest Articles »