Scott Thompson, Yahoo’s CEO, has stepped down from the position after only holding it for four months! According to reports the former CEO will be stepping down due to personal reasons and will immediately be replaced by someone else.  Check out why he stepped down and who will replace the former CEO!

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UPDATE: Yahoo confirmed in a Sunday afternoon press release that CEO Scott Thompson will step down, effective immediately.

As AllThingsD predicted earlier, the company’s board appointed Ross Levinsohn interim CEO. Fred Amoroso will take over as board chairman, replacing Roy Bostock. The company has also reached a settlement with investor Third Point and will replace three additional board members.

From the press release:

Under the Board’s settlement agreement with Third Point, three Third Point nominees — Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf — will join the Yahoo! Board, effective May 16, 2012. Mr. Bostock, along with Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson, all of whom previously disclosed their intentions not to stand for re-election, as well as Mr. Thompson, have decided to step down from the Board immediately.
Wrote new chairman Amoroso, “The Board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders and further accelerate the substantial advances the Company has made operationally and organizationally since last August.”

Scott Thompson had been serving as CEO since January.

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PREVIOUSLY: After more than a week of controversy, it looks like Yahoo CEO Scott Thompson will step down from his position.

According to AllThingsD’s Kara Swisher, multiple sources say that the company will cite “personal reasons” for Thompson’s departure.

However, it’s also likely that the former PayPal president is quitting the company because of a resume discrepancy brought to light late last week by hedge fund Third Point, a Yahoo investor whose founder and CEO Daniel Loeb wrote that Thompson had “embellished his academic credentials.”
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