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Yahoo Says No Severance Pay For Ex-CEO Thompson

DOW JONES NEWSWIRES Yahoo Inc. (YHOO) said former Chief Executive Scott Thompson won't receive a severance package following his short tenure at the Internet company. Thompson, who was hired in January, agreed to resign over the weekend after he became embroiled in questions involving his academic record. Yahoo has named Ross Levinsohn, the executive in charge of its media websites, as interim CEO. Thompson, a former president of eBay Inc.'s (EBAY) PayPal unit, will retain a make-whole cash bonus previously paid under his offer letter as well as the make-whole restricted stock units he was granted and that have already vested. The controversy over Thompson's flawed academic record began May 3 when activist investor Third Point LLC sent a letter to Yahoo's board alerting it to an error in a recent Yahoo regulatory filing. That filing, in late April, included a short biography of Thompson that said he had obtained a bachelor's degree in computer science and accounting. Yahoo and Thompson's alma mater, Stonehill College, subsequently confirmed disclosures by Third Point that he earned an accounting degree but not a computer-science degree. Thompson disclosed to the company's board of directors and several colleagues that he has been diagnosed with thyroid cancer. His decision to step down was influenced in part by that recent diagnosis. Yahoo shares closed Monday at $15.50 and were down 5 cents after hours. The stock is down 3.9% so far this year. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Ebay Inc. (EBAY)
DateTimeHeadline
06/30/201514:21:03Stocks to Watch in E-Commerce: eBay (and PayPal)
06/30/201508:37:18Current Report Filing (8-k)
06/29/201515:21:00eBay Delivers “Hot Deals for Hot Days” Giving Shoppers Incredible Dis...
06/26/201516:23:00eBay Inc. Board of Directors Approves Completion of eBay and...
06/24/201507:00:23EU Launches E-Commerce Sector Probe
06/23/201522:59:26Alibaba Sells U.S. Subsidiary 11 Main to U.S. E-commerce Firm...
06/23/201515:32:36Alibaba Sells U.S. Subsidiary 11 Main to U.S. E-commerce Firm...
06/23/201514:50:42EBay Bans Sale of Confederate Merchandise
06/23/201514:45:11EBay Bans Sale of Confederate Merchandise on Its Site
06/23/201513:20:03Don’t Listen to Apple Watch Haters, Here’s How Fast the Smart Wea...
06/23/201512:59:00eBay Offers Easy Ways to Sell Gadgets after Father’s Day
06/19/201518:54:13EBay Divests Craigslist Stake Ahead of PayPal Spinoff
06/19/201513:00:13EBay Sells Craigslist Stake Back to Craigslist
06/19/201512:47:57EBay Sells Craigslist Stake Back to Craigslist Ahead of PayPal...
06/18/201517:28:59Current Report Filing (8-k)
06/18/201510:27:01Samsung Has Started Transferring Data to Russian Servers --Russian...
06/18/201507:09:24EU Competition Chief Warns Against New Regulations for Internet...
06/12/201511:02:02E-commerce Investment Opportunities for the Long Term: Amazon.com...
06/11/201517:50:41EBay, PayPal 'Robocall' Policy May Violate Federal Law
06/11/201517:21:21EBay, PayPal 'Robocall' Policy May Violate Federal Law

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