While bigger online audiences and efficient shipping operations have enabled categories like pet food and diapers to become viable Web businesses, selling wine over the Internet remains thorny. Chief among the hurdles is a patchwork of U.S. and state regulations governing alcohol sales that makes shipping bottles directly to consumers’ doorsteps a mind-boggling proposition.

Read the rest of this post on the original site

Yahoo is nothing if not consistent, turning in yet another weak quarter that met weak expectations from investors.

The 98-pound weakling is still weak!

In the third quarter, the Silicon Valley Internet giant had $1.089 billion in revenue, a hair above expectations and just two percent higher than a year ago. (Please note that competitors, such as Google and even Facebook, are growing revenue like gangbusters.)

Profits were also weak, despite an apparent pop from a gain from its sale of some of the shares it holds in China’s Alibaba Group. But let’s focus on operations, people, which are the real numbers to gauge. As Yahoo noted: “On a GAAP basis, income from operations decreased 14 percent to $152 million in the third quarter of 2012, compared to $177 million in the third quarter of 2011.”

Minus traffic acquisition costs, display revenue was down to $451.6 million, compared to consensus estimates of $484 million; search revenue was up only a tiny bit to $414.1 million (consensus was $411 million).

Interestingly, Yahoo left out detailed information it has usually provides about engagement and other user metrics. Let me take a big guess: The numbers are simply not impressive, or else they would have been touted.

Also left out was any guidance going forward — new CFO Ken Goldman just came on today, so that’s no surprise. Guess it’s time to throw out the trash, as they say in politics!

But here’s an interesting factoid in the press release: “In October 2012, Yahoo! entered into a 364-day, $750 million unsecured revolving credit facility. The facility is currently undrawn and is expected to be used for general corporate purposes.”

More available cash to go with the pile of cash that Yahoo has already piled up for purposes unclear right now.

To be clear, this meh quarter does not matter at all — with Yahoo getting a financial equivalent of a hall pass for these results — as investors look to hear from new CEO Marissa Mayer about her plans to make all the bad go away. Until she charts a course and sets out on it, it is likely that no one is going to blame her for Yahoo’s past woes.

As Mayer said in a statement today: “Yahoo! had a solid third quarter, and we are encouraged by the stabilization in search and display revenue. We’re taking important steps to position Yahoo! for long-term success, and we’re confident that our focus on quality and improving the user experience will drive increased value for our advertisers, partners and shareholders.”

Everyone is looking forward to hearing how, which the former Google exec will presumably explain in more detail on a conference call with Wall Street analysts — her first as a public company CEO — at 2 pm PT. Tune in for my live blog.

Until then, here are Yahoo’s Q3 slides to peruse:

YHOO_Q312EarningsPresentation_FINAL

Another big media departure from Yahoo: David Rice, VP of media properties, has left the Silicon Valley Internet giant to take over as SVP and GM of CBS Interactive Games, according to sources close to the situation.

Rice left Yahoo Monday and starts at CBS on Monday, sources said.

Earlier this week, the head of Yahoo’s Omg! and Yahoo TV, Liz Coughlin, left to run business operations at next-gen digital content site Young Hollywood.

The media properties at Yahoo have always been its most successful and powerful units, including powerhouse sites such as Yahoo Finance and Yahoo Sports.

Which is why Rice is a great get for CBS. Hired in 2010 as part of the crew brought in by former Chief Product Officer Blake Irving, the former Microsoft exec was the key media product manager in charge of strategy and execution of Yahoo’s home page, news, sports, finance, entertainment, lifestyle, games and more.

CBS Interactive Games is a big digital division at the company, with more than $50 million in annual revenue, 32 million unique monthly visitors and one billion page views a month, according to comScore. GameSpot is its flagship site, along with GameFAQs, Metacritic, ComicVine and a variety of video streaming and eSports offerings.

Rice will be in charge of all operations at CBS Interactive Games — at Yahoo, he had only media product duties, although the many properties are all huge.

In a related move this past week, new CEO Marissa Mayer hired former Google sales exec Henrique De Castro to become COO at Yahoo. Mayer also told staff that all media units would report to him.

Young Hollywood, the high-profile next-gen digital media start-up, has hired a top Yahoo content exec, Liz Coughlin.

The Beverly Hills-based Young Hollywood named Coughlin SVP of business operations, overseeing new business initiatives and all digital operations.

At Yahoo for a decade, Coughlin was most recently in charge of omg!, one of the largest celebrity sites on the Internet, as well as Yahoo TV. She also worked on corporate strategy, partnerships and large events for the Silicon Valley Internet giant.

Previous to Yahoo, she worked at the Digitas advertising agency.

“Right now, Young Hollywood is small, but it’s special, and where content production and media business is headed,” said Coughlin in an interview yesterday. “Trying to build new forms of content with the use of new devices and metrics and new forms of programming is an exciting place to be.”

Coughlin officially left Yahoo last week.

Currently, Young Hollywood creates “Entertainment Tonight”-style celebrity and lifestyle programming for other online outlets such as YouTube, Hulu and also Yahoo, as well as working on various marketing initiatives for large brands.

New York magazine just published what will doubtlessly be the first of many larger-scale profile pieces on new Yahoo CEO Marissa Mayer (Fortune’s at work on one, too).

Titled “Can Marissa Mayer Really Have It All?” New York’s version is a very solid and fair effort that raises a lot of pertinent questions about the Silicon Valley Internet giant’s latest leader.

That, of course, includes pondering the high-profile issues around her coping with a newborn (really new) and work; her carefully crafted public glamour-geek-girl persona that is at odds with her sometimes more tetchy private one; Mayer’s mostly-up-and-then-down-at-the-end career at Google as a key exec; and the myriad challenges she faces in turning around the long-troubled Yahoo.

Writes Lisa Miller quite astutely: “This newest version of Marissa, the mom-geek-CEO, will surely test Mayer’s iterative powers, for she’s playing to a tougher crowd, one that won’t be placated by tweets, Manolos, and rapturous praise for pineapple malts.”

Indeed not, which is why sources said Mayer is likely to begin to make postpartum appearances back at Yahoo as early as this week. She delivered her first child with husband Zach Bogue, whom she dubbed “Big Baby Boy Bogue,” on Sept. 30.

Among the initiatives she has been working on up to and after her son’s birth, said numerous sources, is the redo of Yahoo’s powerful home page, a reorganization of top management duties, and an announcement about whether it will buy back shares or give a dividend from its recent multibillion-dollar sale of part of its lucrative stake in China’s Alibaba Group.

In addition, said sources, Mayer is also putting into place her new methodology of keeping track of employee performance and rewards. There is an all-hands meeting scheduled today, in fact, apparently to go over the system, which Mayer spoke about in her last all-hands meeting.

The home page redo is also in the late-stage works for unveiling soon, said sources. Those who have seen it said it has a starker and simpler design ethos, and will stress user personalization, customization and more social elements. It will also have ample opportunity for third-party developers to offer a variety of services on it (maybe Mayer can save Zynga by copying a little bit from Facebook!).

The reorg will also be interesting. Mayer has made a number of top exec appointments, including adding a new CFO and head of HR. She will also be rejiggering other roles of existing management.

For example, expect tech and operations EVP David Dibble — who got a mess of new responsibilities right before Mayer was appointed — to have some of that dialed back.

The disposition of all $3.6 billion of Alibaba cash is perhaps the most immediate issue, especially for investors, who are largely hoping for a buyback of stock. Such a move will likely cause Yahoo shares to rise, as happened at AOL.

That would be nice, since Yahoo stock has stayed pretty flat since Mayer got to the company in July. (That compares, ironically, to a 31 percent rise at Google since she left.)

But Wall Street analysts and others have been making bullish calls on Yahoo recently, including CNBC’s screamy stock guru Jim Cramer of “Mad Money.”

Boosted by the growing value of its Asian assets — in China, as well as in Japan, which Yahoo is trying to sell — and also anticipating some kind of magic mojo from Mayer, price targets for Yahoo shares have been as high as $22.

That was from Goldman Sachs, which reinstated coverage of Yahoo with a “buy” rating recently. Analyst Heath Terry noted that “while user engagement continues to decline, the company lacks a mobile strategy and significant talent has left the company, Yahoo still has hundreds of millions of users, valuable Web properties, and the financial resources to fuel a potential turn around over time.”

Translated: Yahoo kinda stinks, but it still might be able to buy itself out of this mess with a $10.6 billion pile of dough from Asia.

All eyes will be on the actual business Yahoo operates itself in two weeks on Oct. 22, when the company announces third-quarter results. Sources said the quarter will come in as expected, but will still tell a story of lackluster growth in advertising, engagement and, well, every key part of its native offerings.

That said, Mayer is expected to be on the call — her first at Yahoo — to outline her grand vision in more detail, as a spokeswoman has noted.

That’s good, since shiny profiles of her can only do so much. It’ll be nice to finally hear her say something definitive in public about how she’s going to fix the company that has given the mediagenic exec even more press.

(And, let’s hope, without the tweets, Manolos and pineapple malts.)

Santa Monica, Calif.-base Demand Media beat earnings expectations today, with a strong revenue performance up 17 percent in the second quarter and a small profit.

The social content company also said it had added Michael Blend as its new president and COO, noting he would be “expanding his current responsibilities overseeing content and media to include leading the company’s domain registration services.”

Blend — who came to Demand via an acquisition — will continue to report to CEO Richard Rosenblatt. But other major execs will also continue to do so despite the title addition for Blend.

Demand had a profit of $94,000, essentially break even on a diluted share basis, but it is its first quarter of positive net income as a company. That is up from a loss of three cents last year in the same period. But its adjusted earnings per share was nine cents, compared to an expected three cents.

Revenue was $93.1 million, a nice bump from the $89 million that Wall Street analysts had expected Demand to report.

Cash flow from operations was also up 30 percent.

“In addition to accelerating revenue growth, expanding our EBITDA margin and growing our cash flow from operations, we delivered our first quarter of positive net income as a public company in Q2,” said incoming CFO Mel Tang in a statement. “Based on our strong first half performance and outlook for the remainder of 2012, we are increasing guidance for fiscal year 2012.”

Demand’s stock, which has been on an upward swing recently, was up more than 3 percent in after-hours trading, to $12.

Here’s the full press release, and I will be listening in on its call at 2 pm PT to see if there is any more news:

PDF.Q2

After former interim CEO Ross Levinsohn departed Yahoo earlier this week, I noted that it was only a matter of time before more execs headed out the door with the changeover to new leader and former Googler Marissa Mayer.

So it is written, so it shall be done, it seems, with two significant departures from the company this week — with one tech exec going to Apple and another product exec headed to an interesting new online education initiative.

According to several sources, Adam Bechtel — who has been the VP of infrastructure at Yahoo — will be leaving for an unspecified job at Apple.

At Yahoo, Bechtel was essentially the No. 2 exec under tech, platform and ops head David Dibble, and had purview over its data centers, network, systems, storage and edge technologies. He joined Yahoo almost a decade ago, via its acquisition of Inktomi.

Also out the Yahoo door is Jonathan Katzman, a product ace who was part of the social efforts across Yahoo, led by Mike Kerns. He was on the Kerns team that drove its most notably successful product in a while, Social Bar, which has become one of the most popular apps for sharing on Facebook.

Katzman came to Yahoo after its acquired Xoopit — an email-focused sharing product — in 2009. He’s headed to be chief product officer at the Minerva Project, which is attempting to build the next top-tier university online.

There have been many other departures of less-well-known execs at Yahoo, several sources said, mostly due to fatigue over the number of management changes at the company. Most recently, that includes sales exec Marc Grabowski, who left without other plans.

“It’s not Mayer’s fault, but some of us are just done,” said one person who is leaving. “A lot of us just can’t take another restructuring.”

That said, a large number of others who had been contemplating leaving Yahoo are now in a wait-and-see mode regarding what their new CEO will do and who she will pick to help her turn it around.

Among current top execs, that has prompted who-will-stay-and-who-will-go guessing games internally, with Mayer grilling staff up and down the organization to get a better lay of the rocky land.

Perhaps the most insecure in their status are the top employees on the media and sales side of Yahoo, who were aligned with Levinsohn and his vision of the company as a content-centric business. Those to watch include strategy exec Jim Heckman, sales head Michael Barrett, and media head Mickie Rosen, among others.

Also, intriguingly still in the mix: Former Americas ad sales head Rich Riley, who is apparently still with the company, despite a June declaration to move on after some months. (Things change fast at Yahoo!)

On the tech and product side, it will be interesting to see if Mayer will promote from within its ranks — such as elevating Shashi Seth, SVP of Yahoo’s connections business. Other execs who could move in this arena are Dibble, and also Mark Morrissey, who now works for Dibble as head of engineering operations.

Of course, there are the other parts of Yahoo that Mayer also now has responsibility for, such as legal, marketing, finance and HR. The execs to monitor there include CFO Tim Morse, HR head David Windley, and marketing chief Mollie Spilman.

Longtime Yahoo legal head Mike Callahan left the company before Mayer’s arrival, so that job has been given to Ron Bell — Hi there, Ron, be nice! — on an interim basis. But look for movement there too.

Much speculation is also centering on what tech stars Mayer might bring in from Google or from elsewhere, including via acquisition.

She’ll need a lot of firepower, of course, to turn the company around, and has told various execs that she expects to make a lot of talent hires to get Yahoo back to producing at more innovative levels.

As I reported earlier today, she has got one already — former Google PR exec Anne Espiritu is now moving over to corporate communications at Yahoo. At the same time, Mayer abruptly let Yahoo’s most recent PR spokeswoman, Dana Lengeek, go.

Expect Mayer to continue to pull from Google, which is chock-full of talent and where she had a coterie of favorites, some of whom are there and some of whom have moved on. Those mentioned as possible hires still at Google include shopping exec Samir Samat and social-networking-famous (and fantastic) Orkut Büyükkökten.

But many of Mayer’s close colleagues have left Google already and are ensconced in important jobs, including: Dylan Casey, who is now director of product management at Path; PR exec Gabe Stricker, who runs communications for Twitter; Craig Silverstein, now at the Khan Academy; and Ben Ling, who is currently COO of the Badoo “meeting network.”

Mayer also reportedly holds former Googler, FriendFeeder and Facebooker Bret Taylor in very high regard. But the entrepreneur — exactly the kind of tech powerhouse she needs to bring into Yahoo and soon — is now in the midst of creating a new start-up.

When I pinged Taylor today about whether he’d consider taking up a challenge such as Yahoo, he texted back:

“No, definitely still starting my own company, despite the fact that I am a big fan of Marissa.”

It’s a nice compliment, and Mayer’s got a lot of people rooting for her, of course — the real trick will be to turn some of the strongest ones into Yahoos.

Yahoo has confirmed that it hired Google ad exec Michael Barrett as its new chief of revenue.

As I reported earlier, Barrett will be in charge of advertising revenue and operations worldwide at the Silicon Valley Internet giant, including units in the U.S., Europe and Asia reporting in to him. Barrett will report directly to interim CEO Ross Levinsohn.

The move to hire the high-profile exec — who has been working at Google since it bought an ad tech company he ran a year ago — gives Yahoo a boost in its most critical area of business.

The search giant acquired supply-side advertising technology start-up AdMeld for $400 million a year ago. Before that, Barrett had previously worked at a range of digital and traditional media companies.

His hiring is also a clear signal that Yahoo is about to make major changes to its ad business going forward. According to numerous sources, Yahoo is again mulling a plan to abandon or sell large parts of its ad tech business and rely on third-party vendors, including Google.

Sources said Barrett was interested in the big opportunity Yahoo possessed and felt the ad market was still interested in helping it maintain its online ad business.

Here’s the official Yahoo press release on the Barrett appointment:

Yahoo! Appoints Michael Barrett as Executive Vice President and Chief Revenue Officer

SUNNYVALE, Calif., June 18, 2012 – Yahoo! Inc. (NASDAQ: YHOO) announced today that it has appointed Michael Barrett as Executive Vice President and Chief Revenue Officer. Barrett will be responsible for Yahoo’s advertising revenue and operations globally for the company, with Americas, EMEA and APAC regional leads reporting to him.

“Michael Barrett is regarded as one of the most successful and influential executives in media and technology, and I am thrilled to have him join Yahoo! in this critical role,” said Ross Levinsohn, Interim Chief Executive Officer. “I am confident that his deep industry experience and relationships will help us drive our strategic vision, taking Yahoo!’s industry-leading position to the next level.”

Barrett joins Yahoo! from Google where he led the integration efforts following Google’s acquisition of Admeld, Inc. in December 2011. Barrett joined Admeld as CEO in 2008, and under his leadership the company became the leading global supply side platform solution for premium publishers. Prior to Admeld, Barrett worked at Fox Interactive Media as Executive Vice President and Chief Revenue Officer, where he oversaw worldwide revenue for all properties including MySpace and FoxSports.com and worked closely with Levinsohn. Before that, Barrett served as Executive Vice President of Sales and Partnerships at AOL Media Networks and held senior sales positions at interactive leaders Yahoo!, GeoCities and Disney Online.

“Yahoo! is one of the largest and most iconic Internet companies in the world,” said Barrett. “I am grateful for this opportunity to work with Ross and a group of immensely talented and energized people, all focused on driving Yahoo’s leadership and strategic position on a global basis. I am looking forward to contributing everything I can to that effort.”

In his new role at Yahoo!, which he will assume in early July, Barrett will be part of the senior executive team, reporting directly to Levinsohn.

According to sources close to the situation, Yahoo has hired high-profile advertising exec Michael Barrett to be its chief of revenue.

Sources said Barrett will be in charge of ad revenue and operations worldwide, including units in the U.S., Europe and Asia reporting in to him. Barrett will report directly to interim CEO Ross Levinsohn when he starts in July.

(Update: Yahoo confirmed the hiring in a press release.)

The move to hire the experienced Barrett — who has been working at Google since it bought an ad tech company he ran a year ago — is a significant one, giving the company a boost in its most critical area of business.

It is also a clear signal that the Silicon Valley Internet giant is about to make major changes to its ad business going forward. According to numerous sources, Yahoo is again mulling a plan to abandon or sell its large parts of its ad tech business and rely on third-party vendors.

In fact, it has been in talks with Google about taking over its automated ad sales and ad network operations, while focusing instead on premium ad sales and sponsorships. Yahoo is also considering turning its entire search business over to Microsoft, with which it already has an ad partnership.

“Yahoo is going to be a media company again — in the digital ad sales business and not in the ad tech business,” said one person.

That impending change has already caused much debate within Yahoo already, with sides drawn between those who think Yahoo should not outsource its core ad technology and those who believe that the company lost the battle to others already — most especially Google — due to poor execution over the years.

While there have been a variety of multibillion-dollar plans drawn up by some to double down on Yahoo’s ad tech business, that effort has now been supplanted by a feeling that the company needs to quickly get out of businesses it cannot win in or see growth.

Barrett is one of the few obvious choices to usher in a new era, given his long experience in all aspects of both digital and traditional media.

He used to work with Levinsohn at Fox Interactive Media, but came to Google a year ago, when the search giant bought AdMeld for $400 million. Barrett was CEO of the supply-side advertising technology platform, which worked on behalf of publishers by trying to get the best prices for their inventory from a variety of ad networks.

Barrett has also worked in ad jobs at a range of companies, including AOL and Disney Online, as well as at Meredith Publishing and Newsweek. He even previously worked at Yahoo, when it bought GeoCities, back in the Web 1.0 era.

As part of the changes, sources said, current Americas sales head Rich Riley will be stepping down from the job he just got under ousted CEO Scott Thompson. He will remain at the company, but it is not clear in what position.

Even though he is interim CEO, Ross Levinsohn just made a significant change in Yahoo’s tech organization, putting David Dibble in charge of both central technology and core platforms.

Previously, Dibble had been running technology and operations.

The move puts everything from Yahoo’s vast databases to its infrastructure that serves consumers to its advertising products under Dibble.

He is not, as some at Yahoo have perceived the new role, in charge of consumer product development itself. That role still remains with several execs, including Shashi Seth and Mickie Rosen. Yahoo is reportedly looking for a more senior product exec, as well as a new ad head.

But — since it’s Yahoo — the shift is not sitting well with some at the company, since it gives the man in charge of IT a much more expanded role in areas beyond his usual purview. One person likened it to “having an architectural firm run by a plumber.”

Ouch! Still, Dibble is well-regarded as an operator and a technologist and considered one of the more no-nonsense execs at the company.

As part of the move, another longtime Yahoo exec, Mark Morrissey, moves under Dibble as chief of operations for engineering. He used to report directly to the CEO and has held a number of jobs at Yahoo, including working on its search alliance with Microsoft.

Here’s the internal memo about the changes:

Yahoos:

Nothing will enable us to win as much as our ability to execute at the highest levels. We have incredible talent here. We have one of the largest audiences in the world, and we have a myriad of experiences that engage and delight users globally. It’s imperative that Yahoo! execute and operate in a world-class manner. When combined with a true focus on our priorities, growth and prosperity will be the natural outcome. Alignment of our organization and talent against a clear set of actions and goals is essential. To further enable our efforts, I’m pleased to announce the following organization alignment, effectively immediately.

We are bringing together our Central Technology and Core Platforms into one team that will be led by David Dibble. This provides the consumer business units with a single technology team responsible for platforms, technology infrastructure, engineering, science, and operations. It also unifies our key talent behind major projects including Rewire, Alpha, Agile, video technology, mobile technology, personalization and ad targeting, security, and sales tools.

Great technology relies fully on great execution. Great content cannot flourish without great technology. World-class experiences are fully wedded to flawless execution. David has proven to be a world-class operator with a team that operates at remarkable levels at massive scale. Thus, I’ve asked that David also take on broader operating responsibilities for Yahoo!

As executive vice president of technology and operations, David will lead diverse, dynamic, cross-functional program management initiatives and hold teams accountable for key deliverables, including uniting stakeholders in a cohesive product development lifecycle process. This ensures we have the right business case and strategic underpinnings to make our next generation products successful, and that teams are aligned on strategy, objectives, and goals from product conception through launch and subsequent iterations. Product-specific engineering teams for Connections and Media will continue to report into those business units and work closely with the combined group.

Additionally, I am thrilled to announce that Mark Morrissey becomes chief of operations for engineering, reporting into David. In this expanded and pivotal role for our company, Mark leads teams focused on product operations and lifecycle, service engineering, and priority program transitions. He is point for continuing the engineering Alpha initiative and Rewire, our effort to increase datacenter efficiencies. Critical to our future will be Mark’s role in driving our product operations and lifecycle. We must dramatically accelerate how we conceptualize, develop, and go to market with our products. We also must ensure that the company as a whole is fully aware and does their part to capture the potential opportunity. We need to assure the highest quality performance, maximize our marketing efforts and drive both user engagement and monetization. Mark will ensure that we have an agile, yet complete process.

John Kremer continues to lead business operations and the execution of the Alpha initiative, reporting into Mark. John is the executive lead for change management and ensuring the Alpha initiative is executed across the organization with quality and cohesion.

Please join me in congratulating David, Mark, and John. The leadership team and I are committed to making things easier, removing obstacles to our success and enabling Yahoo! to accelerate. I appreciate everything you contribute to the company daily; your passion, drive, and determination are inspiring. Together we are creating the future and defining what it means to be the world’s leading technology powered media company. Much like you, I’m playing to win. We’re in the midst of a revival!

Ross

Yahoo’s embattled CEO Scott Thompson (pictured here) is set to step down from his job at the Silicon Valley Internet giant, in what will be dramatic end to a controversy over a fake computer science degree that he had on his bio, according to multiple sources close to the situation.

The pair will apparently say he is departing for “personal reasons.” Sources said that Thompson will be claiming to be leaving due to a serious illness that he recently discovered he had.

But the evolving crisis — which is just over a week old — centered on his botched resume and how he handled the thorny issue is the key reason for the abrupt end to his tenure as a CEO.

Thompson’s likely replacement on an interim basis will be Yahoo’s global media head Ross Levinsohn, who most recently also ran its Americas unit, including its advertising sales.

In addition to the management upheaval, Yahoo’s board is closing in on a settlement with the man who discovered Thompson’s misstep, activist shareholder Daniel Loeb of Third Point, said sources.

The situation could change, since Yahoo’s full board still has to meet this morning to officially approve the sweeping changes at the long-troubled company.

But, if it is, this development goes a long way toward fixing some of what has been ailing Yahoo recently.

And it’ll also be a stunning victory for Loeb (pictured here), since the pugnacious hedge fund investor is set to get three board seats from a slate proposed by him as part of a proxy fight aimed at Yahoo. The new Yahoo directors will be media exec Michael Wolf and turnaround specialist Harry Wilson. Loeb’s fourth selection — former NBC head Jeff Zucker — will withdraw.

The five current Yahoo directors — who were to step down at the company’s annual meeting this summer — will leave the board effective immediately, sources said, to make way for the Third Point selections.

Finally, Yahoo’s recently added director Fred Amoroso will be named chairman of the board.

Amoroso is the director who has been conducting the investigation into the issues raised by Loeb about how the fake academic credentials got in Thompson’s public bios, as well as in Yahoo’s regulatory filings, and also the hurried circumstances around his hiring in January.

Those mysteries — read, screw-ups — might never be solved now, although Thompson made a convoluted attempt to explain it all in two awkward employee meetings at the end of last week. In those gatherings, according to numerous sources, he blamed a headhunting firm for introducing the mistake when he was being hired for a job at eBay in the mid-2000 timeframe.

That company, Heidrick and Struggles, slapped back last week with an internal memo, noting that Thompson’s claim was “verifiably not true.” Sources said that Heidrick told Yahoo’s board that it was in possession of a resume that Thompson had apparently submitted showing the inaccurate CS degree on it.

That memo, impugning Thompson’s credibility, was one of many that piled on to create an impossible situation for the Yahoo board, related to his leadership ability going forward.

Thompson had also previously issued a Yahoo statement, in which he apologized for the “distraction” caused by the problematic resume, but not for the mistake itself.

And, initially, Yahoo — under his direction — had called the borked resume an “inadvertent error.”

Such fumbling to fix the situation was among the many other issues that the board has been considering relating the ability of Thompson to remain in his job. Also of importance was the sinking morale of Yahoo employees, who had largely rejected Thompson’s excuses in the ResuMess scandal.

Internal message boards at Yahoo lit up all last week, with staffers largely rejecting his explanations. In addition, a number of top execs and engineers approached the board calling for Thompson’s firing.

While that’s not precisely what happened here, it’s close enough to describe Thompson’s departure as inevitable.

All this change comes in the wake of a massive restructuring he was in the midst of at Yahoo, after 2,000 employee layoffs.

Thompson was pushing forward a vision of adding a much more significant data and commerce element to Yahoo’s largely ad-based business.

That is likely to be less stressed under media-focused Levinsohn, who will be essentially trying out to be the permanent CEO.

Well known in the media and advertising communities, he has worked at a number of big online efforts over many years.

According to his bio at Yahoo, where he arrived in 2010:

He previously served as the President of News Corporation’s Fox Interactive Media, where he was responsible for the day-to-day operations, strategy and acquisitions that helped transformed the company into a leader in digital media. He also held senior management positions with AltaVista, an early pioneer and leader in search, CBS Sportsline where he oversaw all content and development for the top rated sports site, and HBO where he launched and oversaw a unit developing new programming and revenue streams. Levinsohn also was the co-founder and managing director of Fuse Capital, an investment and strategic equity management firm focused on investing in and building digital media and communications companies.

Levinsohn sits on the board of Freedom Communications and the Bogart Pediatric Cancer Research Program. He holds a Bachelor of Arts in Communications from The American University.

So far in my checking, Levinsohn’s resume is accurate.

More to come, obviously.

I have emails and texts and calls into everyone for comment, but apparently they are all out at a Mother’s Day brunch (except me).

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• Yahoo’s Board Will “Review” Resume Discrepancy of CEO
• How Did a Phantom CS Degree Get on CEO’s Bio in SEC Filings? Yahoo’s Not Saying.
• Yahoo’s Response on CEO’s Computer Science ResumeGate: “Inadvertent Error”
• Dan Loeb Alleges “Discrepancies” on Yahoo CEO Scott Thompson’s Resume Related to Computer Science Degree