Bank technology

Former PayPal Pres. Thompson Leaves Yahoo

By Daniel Wolfe May 13, 2012, 6:14 p.m. EDT 1 Min Read

Former PayPal president Scott Thompson has left Yahoo (YHOO), which he has led as CEO since January.

Yahoo did not give an explicit reason for Thompson's departure in its press release, though Thompson was under scrutiny for misstating his academic credentials. Last week, Yahoo's board said it would form a special committee to review the issue.

Yahoo said Sunday that Ross Levinsohn, an executive vice president and head of global media for Yahoo, has been named interim CEO. Fred Amoroso has been named chairman, replacing non-executive chairman Roy Bostock.

Yahoo also said it has reached a settlement with Third Point LLC, the investor that raised the allegations about whether Thompson earned the computer science degree he claimed to have. Three of Third Point's nominees will join Yahoo’s board on May 16. Third Point owns 5.8% of Yahoo’s common stock, Yahoo said.

Because of Thompson's background with PayPal, a unit of eBay (EBAY), some expected Yahoo under his leadership to take a renewed look at payments as a line of business.

Content Director, Payments and Credit Unions, American Banker

For reprint and licensing requests for this article, click here.

Bank technology

Consumer banking

MORE FROM AMERICAN BANKER

Credit cards

Fintech Sunbit seeks BNPL distinction in co-branded cards

The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.

By Joey Pizzolato

1h ago
Artificial intelligence

Inside BNY's plans to upgrade Eliza, its generative AI platform

The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.

By Suman Bhattacharyya

November 21
Cyber security

Finastra client files stolen in data breach

The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.

By Carter Pape

November 21
Disaster recovery

Truist commits $725 million to help Western N.C. rebuild after Helene

The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.

By Allissa Kline

November 21
Credit scores

CFPB's Chopra: AI can be the key to fairer credit scoring

Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.

By John Heltman

November 21
Bank stocks

Trump 2.0 and other catalysts for bank stocks in 2025

Analysts say lenders' shares could rally on deregulation, lighter tax burdens and a resurgence of M&A. Declining interest rates and lower loan losses could further bolster bottom lines and attract investor interest.

By Jim Dobbs

November 21