Off With His Head! Yahoo's BIG Mistake?

By TechCrunch: By Ingrid Lunden

Everyone's still going nuts about Manti Te'o's "fake" girlfriend--the one practically every media outlet in the country was obsessed with, the one he tweeted with, the one he talked on the phone with for hours every night. This girlfriend, everyone is now saying, was a complete fabrication. She didn't exist!

(Reuters) - Yahoo Inc Chief Executive Scott Thompson is stepping down after a controversy over a fake computer science college degree on his biography, a source familiar with the situation said on Sunday. Thompson's interim replacement, effective immediately, will be Yahoo's global media head Ross Levinson. Yahoo was not immediately available for comment Yahoo has said that Thompson, the former president of eBay Inc division PayPal, did not have a computer science degree, despite what was stated in his official company biography and in regulatory filings with the U.S. ...

Scott Thompson takes over as Yahoo faces growing competition from Google and Facebook for online advertising dollars. His lack of experience in that field is a concern to some analysts.For years, Yahoo Inc.

US web portal Yahoo names Scott Thompson, president of online payments firm Paypal, as its new chief executive.

By Dana Blankenhorn: Scott Thompson, who had been head of eBay's PayPal unit, was thought good enough to get the top job at Yahoo. But eBay (EBAY) management dissed his reign this week by saying his replacement, David Marcus, will bring "startup energy" back to the unit.

Yahoo's largest shareholder, the hedge fund Third Point, says that Chief Executive Scott Thompson lied on his resume about earning a computer science degree. CNBC's Brian Shactman reports.