Yahoo (YHOO) shares rose 2% Monday after the company on Sunday said CEO Scott Thompson has been replaced amid a scandal over a false educational claim on his resume.
The company on Sunday also announced the end of a proxy fight with big shareholder Third Point, the immediate appointment of an interim CEO and the immediate appointment of a new chairman.
Thompson also reportedly has thyroid cancer, which he reportedly had disclosed to the board.
Ross Levinsohn, Yahoo executive vice president and head of global media for the company, is the interim CEO.
Fred Amoroso, who joined Yahoo's board in February, is the new chairman. Amoroso is former CEO of digital entertainment tech company Rovi (ROVI).
The company also named activist shareholder Daniel Loeb, head of Third Point, to the board, along with Loeb allies Harry Wilson and Michael Wolf. Third Point will end its proxy fight against the Web portal, which has struggled to boost revenue vs. more focused rivals such as Google (GOOG) and Facebook.
Two week ago, Loeb revealed that Thompson didn't have accounting and computer science bachelor's degrees from Stonehill College, as stated in his bio. Thompson last week said, via Yahoo, that he had only an accounting degree.
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