Scott Thompson out at Yahoo (updated)

Update: Yahoo said in a statement Sunday afternoon that Ross Levinsohn has been named interim CEO, effective immediately. Fred Amoroso was named chairman of the board. The company also said that it has settled with Third Point. Daniel Loeb, Harry Wilson, and Michael Wolf will be joining the board as a result of the proxy settlement.

Activist shareholder Third Point launches website to chronicle Yahoo’s long, sad decline

Tech giant Yahoo has struggled to find its way over the last five years, rotating through four CEOs and a series of layoffs. Now, activist shareholder Third Point, which is agitating to add four handpicked members to Yahoo’s board, has launched an entire website, valueyahoo.com, to make its case about what is going wrong at Yahoo’s business and what can be done to turn it around.

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Yahoo revenue down 13 percent in Q4, CEO says better execution needed

Yahoo’s revenue dropped 13 percent compared to the same period last year, the company reported today. In its quarterly earnings’ announcement Tuesday, Yahoo reported $1,324 million in GAAP revenue for the fourth quarter of 2011, while costs increased by 10 percent. Excluding traffic acquisition costs from Yahoo’s partnership with Microsoft and others, the company brought in $1,169 million — down just three percent compared to last year.

To-do-list

5 things that should be on new Yahoo CEO Scott Thompson’s “To Do” list

After several years of floundering and a four-month search for a permanent leader, Yahoo has appointed former PayPal president Scott Thompson as its new CEO. While Thompson doesn’t officially start until next week, we’ve compiled a handful of tasks worthy of appearing on a hypothetical “To Do” list of things to bring Yahoo back to the level of titanic power it enjoyed a decade earlier.