Yahoo hires new CEO: TechCrunch founder Michael Arrington

Yahoo has found themselves in some hot water when it was revealed that CEO Scott Thompson lied on his resume, falsely stating that he had a Computer Science degree. Scott graduated Stonehill College in 1979 with a Bachelor’s of Science in Business Administration. So in other words, an Accounting degree. Yahoo released a statement claiming that this was an “inadvertent error”. However, this “error” goes back many years, as it was listed on his bio on the website of eBay, where he served as president of its PayPal payments unit.

Yahoo now runs a real risk of being doubted from both a credibility and a regulatory standpoint. So it’s no surprise that Yahoo needed to take action fast. Today, Yahoo announced that Michael Arrington, founder of TechCrunch will be replacing Scott Thompson as CEO of Yahoo. Arrington leaked this news on Sunday after changing his LinkedIn profile to reflect his new position.

Arrington is big win for Yahoo, as his clout and experience in tech journalism along with his heavy rolodex of Silicon Valley relationships can help Yahoo take a stronger position in technology media and innovation. With Arrington’s help, Yahoo plans to acquire many young startups to add to their growing list of properties in a “spray and pray” attempt to salvage what’s left of Yahoo’s brand. Rumor has it that Arrington’s own blog, Uncrunched, will be acquired and renamed to UnYahoo! (with the exclamation point).

We reached out to Yahoo board member Patti Hart for comment.

I’m not even going to pretend. We don’t have any idea what Yahoo is anymore. If I had to guess, I’d say we fall somewhere between Google and the New York Times; converging at the point where Google isn’t Google and the New York Times isn’t the New York Times. We need to make some big changes. We think Arrington is going to be the perfect leader to help create a new vision for Yahoo. We don’t know a lot about Arrington yet, but this is part of our culture here. We hire new employees and learn about them over time – let them prove their value to us.

We asked Patti if they had checked Arrington’s resume. “We don’t hire based on resumes. We hire on Klout scores. Arrington is a 68. That sold us.”