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Scott Thompson (businessman)

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For other people named Scott Thompson, see Scott Thompson (disambiguation).
Scott Thompson
Thompson greets Yahoo employees in January 2012
Born
Scott Thompson

(1957-11-13) 13 November 1957 (age 67)
Taunton, Massachusetts
NationalityAmerican
Alma materStonehill College (degree in Accounting)
OccupationBusiness executive
Board member ofKabbage Inc, Vertica Systems Inc, Zuora Inc.

Scott Thompson (born November 13, 1957) is an American businessman, and currently CEO of Tuition.io.[1] Previously, he was chief executive officer of ShopRunner.

Early life and education

Thompson was born November 13, 1957, in Taunton, Massachusetts, and grew up in nearby Raynham. He was an accounting major from Stonehill College, a private Catholic school in Easton, Massachusetts.[2][citation needed]

Career

Visa

Thompson has also worked as executive vice president of Technology Solutions for Inovant,[3] a subsidiary of Visa Inc. that oversees the company's global technology. At Inovant, he was responsible for all development, support, and maintenance of Visa's global payment system. He was also chief information officer at Barclays Global Investors, where he implemented a technology platform and global infrastructure, but was fired for alleged disagreements about strategy.[3] In addition, he worked for Coopers & Lybrand, delivering information technology solutions to leading financial services clients such as Wells Fargo.

PayPal

Thompson started working for PayPal as senior vice president and chief technology officer, where he oversaw information technology, product development, and architecture. In 2008, he became the president of PayPal.[3]

Yahoo!

Yahoo! hired Thompson as CEO in January 2012.[4] In early April 2012, Thompson announced and executed a plan to reduce Yahoo!'s 14,000 employees by 2,000, or 14% of the workforce.[5] Several executives left Yahoo! just before the layoffs began.[6][7]

On March 14, 2012, Yahoo! filed a patent lawsuit against Facebook over ten patents.[8][9] Facebook responded with a countersuit.[10][11]

College degree controversy

On May 3, 2012, activist investor Dan Loeb, CEO of Third Point LLC, sent a letter to Yahoo's board of directors and made the contents of the letter public in a press release.[12] The letter cites a Yahoo! SEC filing stating that Thompson "holds a Bachelor's degree in accounting and computer science" from Stonehill College and that Loeb had reason to believe that the degree was "in accounting only". Loeb questioned if Thompson had "embellished his academic credentials" and questioned if the board had "failed to exercise appropriate diligence and oversight in one of its most fundamental tasks – identifying and hiring the Chief Executive Officer." The basics of hiring the chief executive officer were subsequently overlooked.

Yahoo!'s filings with the SEC stated that Thompson "holds a Bachelor’s degree in accounting and computer science from Stonehill College". However, the 2008–10 proxy statements of eBay, Thompson's former employer, only noted an accounting degree.[13] Yahoo! initially acknowledged the misstatement as "an inadvertent error",[14] then subsequently began an investigation.[15] Stonehill College responded to press inquiries by stating that Thompson was granted a B.S.B.A. degree in accounting.

On May 13, 2012, Yahoo! issued a press release stating that Thompson was no longer with the company, and would immediately be replaced on an interim basis by Ross Levinsohn, recently appointed head of Yahoo's new Media group.[16][17][18]

ShopRunner

Thompson joined the online-shopping service ShopRunner as CEO in July 2012[19] and left in July 2016.[20]

Awards

In 2011, Thompson received the Ernst & Young Entrepreneur of the Year Award for financial services for Northern California.[21]

Cancer diagnosis

In 2012, Thompson was diagnosed with thyroid cancer, which was said to be a reason for leaving Yahoo!.[22][23] By July 2012, he was given a clean bill of health.[19]

References

  1. ^ Protalinski, Emil (2012-07-23). "Former Yahoo Chief Scott Thompson Hired As New CEO of ShopRunner". Thenextweb.com. Retrieved 2013-01-03.
  2. ^ "New Yahoo CEO Scott Thompson Stonehill College Graduate". Archived from the original on 2016-06-17. Retrieved 2022-02-10.
  3. ^ a b c "Scott Thompson Resume Scandal Is Not 'An Inadvertent Mistake' — He Also Claimed Comp Sci Degree As CTO Of PayPal". Business Insider. Retrieved 22 Sep 2021.
  4. ^ "Biographical info on Yahoo CEO Scott Thompson". Bloomberg Businessweek. Associated Press. May 14, 2012. Archived from the original on September 23, 2015. Retrieved May 14, 2012.
  5. ^ Carlson, Nicholas (April 4, 2012). "Yahoo Fires Thousands". Business Insider. Retrieved May 14, 2012.
  6. ^ Swisher, Kara (2012-03-27). "Yahoo Brainiac Drain Continues: Goodbye to Broder, Mao". allthingsd.com. Retrieved 2013-01-03.
  7. ^ "Exclusive: Yahoo's Chief Product Officer Blake Irving Resigns – Kara Swisher – News". AllThingsD. 2012-04-05. Retrieved 2013-01-03.
  8. ^ "Yahoo sues Facebook over 10 patents – Business News | IOL Business". IOL.co.za. Reuters. 2012-03-14. Archived from the original on May 19, 2012. Retrieved 2013-01-03.
  9. ^ Levine, Dan (14 March 2012). "Yahoo sues Facebook for infringing 10 patents". ABS-CBN News. Retrieved 2013-01-03.
  10. ^ Barnett, Emma (April 4, 2012). "Facebook sues Yahoo". The Daily Telegraph. London.
  11. ^ "Facebook Smacks Back at Yahoo With Patent Claims in Counter-Lawsuit – Kara Swisher – News". AllThingsD. 2012-04-03. Retrieved 2013-01-03.
  12. ^ "Third Point LLC Letter To Yahoo! Board Of Directors Regarding Discovery Of... - NEW YORK, May 3, 2012 /PRNewswire/" (Press release). Prnewswire.com. Retrieved 2013-01-03.
  13. ^ Tsukayama, Hayley (May 4, 2012). "Yahoo says CEO Scott Thompson does not have computer science degree". The Washington Post. Retrieved May 4, 2012. Mr. Thompson holds a B.S. degree in Accounting from Stonehill College
  14. ^ "Yahoo's Response on CEO's Computer Science ResumeGate: "Inadvertent Error"". May 3, 2012. Retrieved May 4, 2012.
  15. ^ Efrati, Emir; Lublin, Joann S. "Yahoo Probes CEO's Hiring". The Wall Street Journal. p. B2.
  16. ^ "Yahoo! Names Fred Amoroso Chairman and Appoints Ross Levinsohn Interim CEO (NASDAQ:YHOO)". Investor.yahoo.net. Archived from the original on 2013-09-25. Retrieved 2013-09-21.
  17. ^ "It's Official: Yahoo Reorgs Itself Just Like We Said (Memo Time!) - Kara Swisher - News". AllThingsD. 2012-04-10. Retrieved 2013-01-03.
  18. ^ Oreskovic, Alexei (May 11, 2012). "UPDATE 2-Yahoo CEO says he never provided a resume-source". Reuters.
  19. ^ a b Efrati, Amir; Bensinger, Greg (July 24, 2012). "Ousted Yahoo Chief Lands New CEO Role". The Wall Street Journal. p. B3. Retrieved July 24, 2012.
  20. ^ "ShopRunner Names New CEO". 13 July 2016.
  21. ^ "2011 Northern California region award recipients". Ernst & Young. Retrieved May 13, 2012.
  22. ^ Seth Fiegerman (2012-05-14). "Scott Thompson Diagnosed With Thyroid Cancer". Business Insider. Retrieved 2013-09-21.
  23. ^ Morphy, Erika. "Thompson's Cancer: A New Twist to the Yahoo Saga – Forbes". Forbes.
Business positions
Preceded by
Tim Morse
Acting
 Chief Executive Officer of Yahoo!
2012 		Succeeded by
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