Yahoo chief executive Scott Thompson is to step down after it was revealed he had lied on his CV.
The controversy came to light more than a week ago by hedge fund Third Point which owns a 6% stake in Yahoo. Thompson had claimed he held degrees in accounting and computer science from Stonehill College in Boston. But the private school did not offer the latter degree until four years after the Yahoo CEO had graduated.
The embarrassing revelation has now led to Thompson announcing he will be standing down from his position, although according to All Things D, he will use "personal reasons" as an excuse for his resignation.
In an email, Thompson told staff he deeply regretted how the issue had affected the company and he took "full responsibility" for the effects but didn't actually apologise for fabricating the degree in the first place.
Yahoo announced shortly after news of the scandal broke it would be forming a special committee to conduct a thorough review into Thompson's academic credentials and said it "appreciated the urge of the situation".
Industry experts are now speculating Thompson will be replaced by Ross Levinsohn, who is currently head of global media for Yahoo.