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Sunday, May 13, 2012

Yahoo! CEO Scott Thompson leaves following education revelation

Yahoo! Inc. says Ross Levinsohn has been appointed as interim Chief Executive Officer, replacing Scott Thompson who has left the company. Fred Amoroso is the new Chairman of the Board of Directors, taking over from Non-Executive Chairman Roy Bostock.

The Company also announced that its board has reached an agreement with Third Point LLC, the fund that had previously highlighted discrepancies in former CEO Scott Thompson’s educational history. Daniel Loeb, the founder of Third Point, will join the Yahoo! board along with two other Third Point nominees.

Fred Amoroso, the new chairman of the Yahoo! board, said “The Board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders and further accelerate the substantial advances the Company has made operationally and organizationally since last August. The Board believes in the strength of the Company's business and assets, and in the opportunities before us, and I am honored to work closely with my fellow directors and Ross to continue to drive Yahoo! forward.”

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