Yahoo won't pay severance to ex-CEO Thompson

Scott Thompson, in November 2010. / AP Photo/Noah Berger

(CBS/AP) SAN FRANCISCO - Yahoo (YHOO) ended Scott Thompson's four-month stint as its CEO without giving him a severance package.

The struggling Internet company disclosed in a regulatory filing on Monday that it isn't paying Thompson anything more.

Thompson stepped down Sunday in a management shake-up triggered by inaccurate information in his official biography.

He'll keep a $1.5 million bonus and restricted stock valued at $5.5 million that Yahoo paid him when he joined the company to compensate him for benefits he gave up leaving his job running PayPal, the online payment service owned by eBay Inc. (EBAY).

Yahoo CEO steps down after resume flap
Report: Yahoo to claim Thompson violated code of ethics

Yahoo Inc. required Thompson to surrender unvested stock awards valued at $16 million.

Thompson was getting an annual salary of $1 million at Yahoo and could have gotten a bonus of up to $2 million this year.

[keenefx]

Mr. Thompson obviously has the skills to manage a major company; a bit piece on resume means nothing.

[nohater]

criminality, deception pays well. the man lied on his resume but is still walking away with millions. those who should have done a thorough background check on him and didn't should be fired not only at yahoo but at ebay who owns paypal. of course, most everyone puts glowing paragraphs on their resume of what they have done but never ever lie about your education, colleges, univerities etc. lying about your education is unforgiveable.

[smittyc]

Corporate raiders are circling Yhoo. Hope they survive, they were the first social networking site and one of the most innovative sites on the internet. The copycats pale in comparison and really have nothing new to offer except another name. Good luck Yhoo

[djseavy]

People pulling down 1 million a year shouldn'd have to "fluff" on their resume. That's the poorest role model possible. The leader of a company - presumably 1000's of employees scratching out a meager living - having to look up to a million dollar liar. It comes down to integrity - and if you don't have that, you have nothing.

[fedup12]

Halefreakinluya.

Finally a CEO not getting babied for being a loser.

[hypnotoad72]

It's people like him, Fiorina, and others that are why Ethics classes are now taught for business major degrees in college...

Now ask who is against going to college... ;-o

[chyenna-2009]

Ye Haw Yahoo.

[jjawacs]

Why give this guy anything he lied on his application...the rules of 1% just get better all the time

[mxp5769]

yes, yes they do. it cetainly pays to throw people under the bus so you can get what you want - I see it all the time at my workplace.