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CEO Scott Thompson reportedly will leave Yahoo

Discussion:  In the last several days, it has been brought to the public’s attention that the CEO of Yahoo padded his resume.  He has since resigned from his post as CEO.  Scott Thompson added three untruthful words, “and computer science”, to the phrase, “graduated with his B.S. in accounting and computer science.”  The sticking point is that he signed Yahoo’s financial statements that stated the erroneous fact, thus personally certifying that the statement was correct, when in fact it was not.  Since Sarbanes Oxley, CEO’s are required to sign off on the company’s financial statements.  This fabrication of facts on his resume and on Yahoo’s financial statements caused him to step down from his post as CEO of Yahoo.

Source:  CNN News

Date:  May 13, 2012

Link:  http://money.cnn.com/2012/05/13/technology/yahoo-ceo-out-rumor/index.htm

Discussion Questions:

  • Why is Thompson’s false statement such a big deal?
  • Why are CEO’s required to sign off on their company’s financial statements?

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