$26 Million Phony Degree

The story keeps getting stranger. After a high profile turnover in the leadership of troubled internet pioneer Yahoo!, former PayPal president Scott Thompson assumed the reins in January. The company’s board had given up on Carol Bartz’s efforts to turn the company around. CNN Money reported at the time the new CEO pay package was “eligible for up to $26 million this year in salary, stock and bonuses.

Two weeks ago the board called another special meeting. After just four month on the job, it had been discovered Thompson had made an erroneous claim on his resume. His public biography had stated for years that the high-profile technology CEO had a degree in computer science and accounting, whereas the truth was he only had the accounting diploma. Thompson tried blaming an executive search firm, but the board saw no truth in that either.

The disgraced CEO was permitted to keep a grant of restricted stock originally valued at $6.5 million, though with Yahoo’s recent misfortunes it likely is worth less than that. Either way, the resume lie cost him nearly $20 million in potential earnings.

Now according to recent reports, Thompson has divulged he has thyroid cancer. As Forbes commented, “Cancer is not a laughing matter and it’s unthinkable that a CEO would invent such a claim to mask a scandal already in the works after he’s already stepped down so let’s give Thompson the benefit of the doubt.”

Original story > >

Be Sociable, Share!

Leave a Reply

Your email address will not be published. Required fields are marked *

You can add images to your comment by clicking here.