Yahoo CEO steps down, presumably updates resume [UPDATED]

Yahoo's CEO Scott Thompson has stepped down for "personal reasons" after a resume scandal that alleged his computer science degree was more like a creative writing assignment. His replacement is rumored to be Ross Levinsohn, and dramatic changes are reported at Yahoo including five directors stepping down effective immediately. Yahoo will also award a settlement to Daniel Loeb, an "activist shareholder" who initially tattled on Thompson, which includes three of those board seats. It's a serious power shuffle that makes us long for the early days when all we knew about Yahoo was a long yodel after a commercial that encouraged us to "search" the "internet."

UPDATE: The Wall Street Journal has reported that Thompson recently told colleagues he has been diagnosed with thyroid cancer and quotes sources saying this partly influenced his decision to step down, although Thompson has not commented on the report.