Victory for Daniel Loeb: Yahoo CEO Thompson Plans to Quit over Resume Scandal

May 14, 2012

Yahoo could leave the company as soon as tomorrow, replaced in the interim by Ross Levinsohn, the company’s global head of media, DealBook reports. Yahoo will also make a deal that will end activist hedge fund manager Dan Leob’s proxy fight. Under these plans, Loeb and two of his director nominees, media executive Michael J. Wolf and turnaround specialist Harry Wilson, will be on the board.

The five current Yahoo board members, all set to depart this summer, will leave now, making way for the new members, reports AllThingsD, which broke the news. Newly minted director Fred Amoroso will become board chairman.

A Yahoo spokeswoman did not immediately respond to a Forbes request for comment.

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