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Embattled Internet firm Yahoo's Chief Executive Scott Thompson has resigned after a controversy over a fake computer science college degree on his biography broke out. The departure is a victory for one of Yahoo's largest shareholder Third Point, which brought the discrepancy in Thompson's educational background to light. Dan Leob of Third Point had accused Thompson of faking his educational record, and called it 'insulting' to shareholders. According to The Telegraph, Ross Levinsohn, the head of the company's Americas division, was appointed as Thompson's temporary replacement. Fred Amoroso, who has recently joined the board of Yahoo was named as chairman. Yahoo has spent the past ten days battling to contain the fallout from the disclosure that Thompson could not have obtained the degree listed in his resume because the university did not start offering it until four years after he left.

Yahoo CEO Scott Thompson quits amid 'bogus degree' scandal