Ross Levinsohn, Yahoo's global media head, has been appointed as interim CEO after CEO Scott Thompson stepped down. Thompson stepped down after it was revealed that his resume exaggerated his academic credentials. Yahoo did not elaborate on the reasons for Thompson’s departure, only saying that he has “left the company” in a statement made on Sunday.

Yahoo have announced that co-founder Jerry Yang has resigned from its board of directors and is also resigning all other positions within the company including Yahoo Japan and Alibaba. “My time at Yahoo!, from its founding to the present, has encompassed some of the most exciting and rewarding experiences of my life,” Yang wrote in a letter to chairman Roy Bostock.