Yahoo! Inc. said Chief Executive Officer Scott Thompson isstepping down after failing to correct errors in his credentialsand the company is revamping its board, handing a victory toactivist investor Daniel Loeb, who had pushed for the overhaul andsaid the Web portal is mismanaged.

Ross Levinsohn, Yahoo's head of global media, was named interimCEO, and director Fred Amoroso will become chairman, the Sunnyvale,California-based company said in a statement yesterday. Amorosoreplaces Roy Bostock, the non-executive chairman, who is exitingthe board immediately. Yahoo agreed to add Loeb to its board alongwith two other directors nominated by his fund, Third Point LLC, toend a proxy fight.

Third Point, which owns about 5.8 percent of Yahoo, stepped uppressure on Yahoo since flagging discrepancies in Thompson's resumeon May 3. The departure of Yahoo's third CEO in just over threeyears adds to upheaval at a company that was once a leader in Websearch and online information. Yahoo's sales tumbled 31 percentlast year from a peak three years earlier, and its market value hasdropped by more than half since the end of 2005.