Yahoo board member Patti Hart, who led the search committee that chose Scott Thompson to be the company’s chief executive, has reportedly said that she will not stand for reelection to the company’s board.
Hart and Thompson came under fire last Thursday after activist investor Daniel Loeb raised questions about Thompson’s academic career and questioned the process by which Hart and her committee vetted Thompson for the position.
Loeb found the Thompson had listed a nonexistent degree in computer science in his biography. Yahoo later confirmed that Thompson had earned only an accounting degree from a Massachusetts college.
According to a report from All Things Digital, Hart was asked to resign from the Yahoo board by the board of International Game Technology, where is chief executive officer.
Yahoo could not immediately be reached for comment on the report. Loeb’s hedge fund, Third Point, declined to comment at this time.
The company is also expected to officially announce that it is looking into the matter and has appointed a three-person committee of directors — Alfred Amoroso, Thomas McInerney and John Hayes -- to run the formal inquiry, the Times reported.
On Monday, Thompson apologized to Yahoo employees for the furor surrounding his exaggeration.
Loeb, who requested the probe, has also asked for investigations into the appointment of several of Yahoo’s directors — including Amoroso, McInerney and Hayes. All three men were appointed to the board in the past few months, after Thompson’s January hiring.