Yahoo CEO planning to step down over a controversy

The CEO of Yahoo,Scott Thompson, is set to resign The pressure on Thompson has been climbing ever since activist shareholder Daniel Loeb, of Third Point, uncovered a fake computer science degree on the Yahoo CEO's resume.

Yahoo's global media head, Ross Levinsohn, is reported in line to take over at least on an interim basis. The company's board is meeting this morning to consider the plan.

It is being reported that the five current Yahoo directors, who planned to leave their posts on the occasion of the company's annual meeting this summer, will resign effective immediately, clearing the way for a slate proposed by Third Point.