Scott Thompson, the beleaguered CEO of Yahoo, is leaving the company after an battle with hedge fund Third Point that was launched when it was revealed that Thompson embellished his resume with a computer science degree he did not earn.
Third Point holds a 5.8 percent stake in Yahoo, and has long been looking to put its own candidates on the board.
The sweeping executive shakeup, outlined in a news release, installs Ross Levinsohn as interim CEO and Fred Ameroso as board chairman. Additionally, three Third Point candidates, including hedge fund CEO Daniel S. Loeb, will join the Yahoo board.
New CEO Levinsohn was brought into Yahoo by previous CEO Carol Bartz and currently heads global media for Yahoo. He has ranging experience as a media executive and deal maker.
As head of Fox Interactive Media he led a $580 million acquisition of Myspace. His experience suggests he will steer the foundering web portal more in the direction of original content and strategic acquisitions, as compared to Thompson, who advocated a data-driven and e-commerce strategy during his four months in the top spot.