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Yahoo to Probe CEO's Education Claims

NEW YORK ( TheStreet) -- Life is getting a whole lot more interesting for Yahoo! (YHOO - Get Report) CEO Scott Thompson, but not in a good way.

Yahoo! said its board of directors is forming a committee to look into Thompson's academic background amid claims he did not obtain a computer science degree from Stonehill College as he had stated.

The committee will be chaired by Alfred Amoroso, who joined Yahoo!'s board in February. John Hayes and Thomas McInerney are the other members of the committee. They joined the board last month. The committee retained Terry Bird of the law firm Bird, Marella, Boxer, Wolpert, Nessim, Drooks and Licenberg in Los Angeles in relation to the matter.

In addition to the committee, earlier reports said Yahoo! director Patti Hart, who led the search committee to find Thompson, would not stand for reelection to the board.

The situation regarding Thompson's education first came to light last week when activist investor Dan Loeb and his hedge fund firm, Third Point, said Thompson received an accounting degree, not computer science, from Massachusetts' Stonehill. Yahoo! subsequently said it was an inadvertent error, then said it would be looking into the matter.

Shares of Yahoo! are off 0.42% to $15.28 in mid-Tuesday trading.

Third Point and Yahoo! were not immediately available for comment for this story.

Interested in more on Yahoo!? See TheStreet Ratings' report card for this stock.

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-- Written by Chris Ciaccia in New York

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