Marissa Mayer, who was working in Google, will now take over as the new Chief Executive officer of Yahoo Inc at a time when the company is struggling against increased competition.
Mayer has been working as the Web-search executive at Google for a long time and will bring deep technology experience. Yahoo's board members had made sure that the company finds a product expert indicating that the company might return to its internet roots.
Ms. Mayer, 37, has been on the Yahoo board's shortlist of CEO candidates. People closer to the matter said that Yahoo made an initial approach on June 18 and the interaction increased in recent days. Ms. Mayer has made a significant contribution to Google. She helped design the look of the now-dominant search engine. She will help develop new Web services for Yahoo as its head and help the company return to internet services roots.
Scott Thompson, who was appointed as the head of the company in January, had announced his decision to step down as the Chief Executive Officer (CEO) of internet major. The issue is around Thompson's exaggeration about his education at Stonehill College, near Boston where he was graduated in 1979. Records on Yahoo website and an legal document filed with the Securities and Exchange Commission showed that he had received two degrees from the institution. However, Yahoo confirmed that Thompson received only an accounting degree from Stonehill. The company has removed all references to his educational credentials from the website.
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