Loeb: Yahoo CEO's Apology Clearly Insufficient

[exfileme]

Daniel Loeb wants Director Patti Hart and CEO Scott Thompson kicked out of Yahoo immediately.

Loeb: Yahoo CEO's Apology Clearly Insufficient : Read more

 

[halcyon]

Lying on his resume was not cool. ...but he didn't exactly embezzle hundreds of millions of dollars either. Perhaps I'm too forgiving, but they're punishing Hart because she selected someone that embellished on his resume that she didn't know about. No, I'm not certain why she needs to be FIRED.

 

[mr_bonkers]

This is retarded. So they lied on a piece of paper. Who GIVES A FUCK?

 

[chewy1963]

[citation][nom]mr_bonkers[/nom]This is retarded. So they lied on a piece of paper. Who GIVES A FUCK?[/citation]

A guy who wants to shoehorn some of his own people onto the board, that's who.

 

[ctbaars]

There are many things unethical. This is just one.

 

[Marco925]

[citation][nom]mr_bonkers[/nom]This is retarded. So they lied on a piece of paper. Who GIVES A FUCK?[/citation]
you know, this is the guy who practically leads the company, It's not exactly a Mcjob. He's leading a Multimillion dollar Company, he's also responsible for many many jobs. for whoever you're working for, you would hope that your superiors would be qualified for their jobs to maintain the company's profitability otherwise you'd be out of a job due to a Layoff. Also Mr Loeb has alot of money invested with the company so he expects success from Yahoo. Success doesn't start with lying and cheating(unless a liar or cheater was a position within a company) For his investments, it's in his best interest that Yahoo is run by someone who can run the company well.

 

[ko888]

Lying on his resume was not cool. ...but he didn't exactly embezzle hundreds of millions of dollars either. Perhaps I'm too forgiving, but they're punishing Hart because she selected someone that embellished on his resume that she didn't know about. No, I'm not certain why she needs to be FIRED.

She was the one that was in charge of searching for and hiring him.

She was also the one responsible for ensuring that he was properly vetted.

Filing misinformation with the SEC should have consequences.

 

[halcyon]

[citation][nom]ko888[/nom]She was the one that was in charge of searching for and hiring him.She was also the one responsible for ensuring that he was properly vetted.Filing misinformation with the SEC should have consequences.[/citation]
Okay, so instead of getting a $3 million bonus she should only get $1.5 million. There. There's your consequence.

 

[nuvon]

I also can't tolerate this kind of lies...

 

[halcyon]

[citation][nom]nuvon[/nom]I also can't tolerate this kind of lies...[/citation]
"Let he who is without sin cast the first stone."

 

[alidan]

[citation][nom]Marco925[/nom]you know, this is the guy who practically leads the company, It's not exactly a Mcjob. He's leading a Multimillion dollar Company, he's also responsible for many many jobs. for whoever you're working for, you would hope that your superiors would be qualified for their jobs to maintain the company's profitability otherwise you'd be out of a job due to a Layoff. Also Mr Loeb has alot of money invested with the company so he expects success from Yahoo. Success doesn't start with lying and cheating(unless a liar or cheater was a position within a company) For his investments, it's in his best interest that Yahoo is run by someone who can run the company well.[/citation]

head of a company, he isnt writing code or deciding what servers need to be put where and how much... his job is to be a face for the company, speak at key moments, and make decisions in a timely manor.

the degree he faked having is absolutely irrelevant to the job he currently has.

success comes from knowing the business, and they cant have appointed someone who is COMPLETELY new to the field, i mean that would have been stupid even if he had every degree possible without experience.

 

[deksman]

Degrees (or pieces of paper) are hardly a representation of the persons skills or abilities in various areas.
Tons of people who never went to universities are more knowledgeable and better in plentiful branches compared to those who have degrees in those fields (and yet many cannot find employment because they lack a piece of paper/proper accreditation).
Besides, the whole academic system is fundamentally setup in such an idiotic way its not even funny.

 

[Guest]

I don't think I'd be happy to work with a company who's CEO thought it was perfectly acceptable to fake documentation to get what they want. He lied on his contract of employment, it's really no step at all from that to having his company lie in regards to their contract with the customer (you).

I also wouldn't be happy to invest in a company that was in this situation. Even if I'm happy to cosy up to a guy who's willing to falsify contacts the fact that many, many other people won't be will affect the company valuation. In addition I'm certain there are lots of people out there currently going through every piece of paperwork this guy and Yahoo have filed trying to find something else.

 

[Floydage]

*Throws a stone at Halcyon* lol

 

[jungleboogiemonster]

This isn't about his qualifications, it's about integrity. He lied on a resume and hasn't even taken full responsibility for it. That is not representative of a leader, it's representative of a liar.

[citation][nom]deksman[/nom]Degrees (or pieces of paper) are hardly a representation of the persons skills or abilities in various areas.Tons of people who never went to universities are more knowledgeable and better in plentiful branches compared to those who have degrees in those fields (and yet many cannot find employment because they lack a piece of paper/proper accreditation).Besides, the whole academic system is fundamentally setup in such an idiotic way its not even funny.[/citation]

 

[TeraMedia]

I'm curious why he thought putting BS-CS on his resume was a good idea in the first place. Alidan is very right about his faked degree being almost completely inconsequential to his daily work.

Does Yahoo! have some kind of bizarre prerequisite for employment that all employees have a CS degree? Even for HR, Marketing, Sales, Administration, etc. employees? If so, that sounds kind of like a "You have to walk a mile in my shoes before I'll let you join my company" kind of thing. Not all bad, because engineers of all flavors tend to be underappreciated in their jobs. But I think that if it's true he's written substantial amounts of code - a possibility that could be vetted with his alma mater - then that should be enough miles walked to fulfill such a requirement, especially since his school didn't offer the option of a CS degree.

So why the fake? I suspect that a) there was some kind of such a requirement for employment, b) Hart knew that Thompson's education background wouldn't suffice, c) the two of them decided to fake it to get past the cultural issue of having employees not recognize Thompson as "one of them", but Hart felt that Thompson was otherwise fully qualified for the job, and d) neither of them ever dreamed that someone would research Thompson's background in such depth. But clearly neither one considered the SEC filings and the increased scrutiny that such documents attract. Which would be foolish, since $billions are at stake.

Anyway, that's my theory. Thompson and Hart tried to take a shortcut to get an otherwise qualified candidate in the door, and respected by his employees. But it backfired, and now this group wants to leverage that to capture the board. If anything, I would trust him more than them.

 

[jabliese]

Those of you who think it is acceptable to lie on a resume need to talk to former Enron employees.

 

[Marco925]

[citation][nom]alidan[/nom]head of a company, he isnt writing code or deciding what servers need to be put where and how much... his job is to be a face for the company, speak at key moments, and make decisions in a timely manor. the degree he faked having is absolutely irrelevant to the job he currently has. success comes from knowing the business, and they cant have appointed someone who is COMPLETELY new to the field, i mean that would have been stupid even if he had every degree possible without experience.[/citation]

Yes. Making decisions that will either go towards laying off everyone, or bringing profit to the company. Running a company is a high stakes game, Writing code, isn't.

 

[greenmachineiijh]

[citation][nom]HivemindX[/nom]Degrees (or pieces of paper) are hardly a representation of the persons skills or abilities in various areas.Tons of people who never went to universities are more knowledgeable and better in plentiful branches compared to those who have degrees in those fields (and yet many cannot find employment because they lack a piece of paper/proper accreditation).Besides, the whole academic system is fundamentally setup in such an idiotic way its not even funny.[/citation]

This I would TOTALLY agree with. BUT I believe the issue at hand is about lying, not necessarily his credentials at this point. I have been a part of the management in companies that will ONLY hire degreed individuals without taking into account any real world knowledge or skill set. The individuals hired usually require a LOT of training to fill the particular need of the company.These companies either went under or are just barely staying in business. These companies are following a very OLD mindset that degrees are worth something and you are no good without one. I personally have no degrees, but I do have some BSIT courses under my belt. I do have YEARS of training and skills and I have had jobs as various engineering responsibilities, supervisor, manager, etc. at very large companies making good money without a degree. My wife has two degrees and can not find a job for anything worth while. While she was in school she was always put down or even given bad/failing grades by her instructors because she freely thinks and asked questions, not because she actually failed the curriculum. In college, you are supposed to be a lamb to the slaughter and sit down and take in everything you are given without question. Even if it seems wrong. they can give anyone whatever grade they feel like and you have not recourse. The College educational system IS fundamentally flawed in many ways.

So in essence if this guy could run the company, what is the issue about no degree? LYING and nothing more. If he is doing a good job, then letting him go is not the best answer.
Is a degree worth all this? ABSOLUTELY NOT.
Seems like YAHOO is of the old mindset that you have to have a degree otherwise you are not a worthy employee. Probably why they are struggling so badly...

 

[Guest]

Why are people giving him a free pass for lying on his resume just because he is the CEO.
Why is he held to a lower standard to regular employees.

If he was just one of the minions, he would have probably been fired on the spot if his manager found out that he falsified his resume to get that position. It is irrelevant whether he can do the job or not. He is not irreplaceable. There are tons of qualified executive who can do the job.

I think that this would constitute fraud. Lets say that I lied on my resume and put that I had post-graduate degrees that I never took. And as a result Yahoo paid me more because I was perceived to be more valuable to the company. If the company then finds out that those degrees are bogus. Shouldn't the company fire me on the spot for committing fraud against it?