Yahoo’s chief executive officer, Scott Thompson, sent a memo to employees Monday apologizing for any problems his listing of a college degree he never earned have caused the company, but not apologizing — nor explaining why the misinformation appeared in his resume in the first place, The Washington Post reports.
The memo from Thompson stopped short of saying he would step down, and focused instead on the company’s ongoing efforts to turn around its financial situation.
"We have all been working very hard to move the company forward, and this has had the opposite effect. For that, I take full responsibility, and I want to apologize to you," Thompson wrote in the memo, a copy of which was obtained by the AP.
“Yahoo later confirmed that while Thompson had listed a degree in computer science in his biography, he had never been awarded that degree,” The Post reports. The company is investigating the situation.
"I am hopeful that this matter will be concluded promptly," Thompson’s memo adds. "But, in the meantime, we have a lot of work to do. We need to continue to act as one team to fulfill the potential of this great company and keep moving forward.”
As we reported last week, the issue arose when an investor, Third Point LLC, said it found an inaccuracy in Thompson’s resume. Third Point is fighting for representation on the company’s board.
The Wall Street Journal reports that Yahoo’s board has created a special three-person committee to investigate Thompson’s academic credentials and how they were misrepresented in regulatory filings. (Please note that the WSJ is a subscription site and not all readers may be able to access the original story.)
The committee will consist of newcomers to the board, with an outside law firm being tapped to help oversee it, the WSJ piece notes.
Yahoo’s board is struggling with understanding how Thompson failed to notice incorrect information in his biography for so long, according to the article.
As previously reported, Thompson’s biography said he had earned a bachelor’s degree in computer science from Stonehill College, although the institution didn’t offer the degree until four years after he graduated.
Third Point LLC demanded Monday that Yahoo release records relating to Thompson’s hiring in January, The Journal says.
Thompson said in his memo to employees: "I want you to know how deeply I regret how this issue has affected the company and all of you."