Yahoo! (YHOO - Get Report) CEO Scott Thompson has stepped down and the company has reached a settlement with activist hedge fund manager Daniel Loeb's Third Point LLC. The Internet company said Sunday it appointed Ross Levinsohn, Yahoo!'s global head of media, to serve as interim CEO. A press release from Yahoo! didn't mention the reasons for Thompson's departure, but the changes come amid controversy over his biography. The CEO had said he had received a computer science degree from Stonehill College, but activist shareholder Loeb recently attacked that claim as incorrect. Reports Monday say before he resigned at CEO of Yahoo!, Thompson disclosed to the company's board that he has been diagnosed with thyroid cancer. The decision to step down was in part influenced by Thompson's cancer diagnosis, a person familiar with the matter told The Wall Street Journal. Yahoo! shares rose 1.38% in premarket trading Monday to $15.41. Is Apple's Golden Goose About to Be Cooked?
Chesapeake (CHK - Get Report) said Friday it received a $3 billion loan from Goldman Sachs and Jefferies Group, giving the company more time to sell assets and lower its debt. Earlier in the day, Chesapeake said it might have to delay some planned asset sales because of debt agreements it had. Over the weekend, reports said Chesapeake expects Carl Icahn to disclose he has taken a significant stake in the oil and gas company. Shares of Chesapeake jumped 7.43% in premarket trading Monday to $15.91.
Groupon (GRPN - Get Report), the daily deal site, is expected to post quarterly results after markets close Monday, and analysts forecast a loss of 5 cents a share on revenue of $530 million. Green Mountain Margin Call Latest Sign Market Is Stuck in 1929
The board of Avon Products (AVP - Get Report) is considering a buyout offer from Coty that it previously rejected after Coty lifted the terms of the deal, Avon said Sunday. Coty said last week that it would increase its bid for Avon to $24.75 a share, or almost $10.7 billion, from its previous offer of $23.25, or $10 billion. Shares of Avon rose 3.37% in premarket trading Monday to $20.87. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.