As colleges and graduate schools around the world and especially in America are holding graduation ceremonies and honoring their students, search engine pioneer is also holding its own ceremony by replacing former CEO Scott Thompson with an interim CEO Ross Levinsohn. Thompson started as CEO of the company in the first week of January 2012, so he held the position for about four months. Due to his college degree credential (a fake computer science degree), Thompson was fired this weekend. At the same time Yahoo also named Fred Amoroso as the new Chairman of the Board of Directors and replacing the departing Roy Bostock.
According to the press release, the biggest winner of all is Third Point which controls about 70K shares of the company, representing about 6% of the search engine pioneer common stock. As the largest shareholder, Third Point will get three seats of Yahoo! Board. Starting next week, three members of Third Point will join the Board including Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf.