When Scott Thompson joined Yahoo replacing the failed tenure of Carol Bartz, the former New Corp. and PayPal executive promised to bring a fresh perspective and renewed energy to the once innovative company.
He did not mention an inaccurate resume.
Now that Thompson was forced to step down for what he described as an “inadvertent error” claiming he had received a computer science degree from Stonehill College, Yahoo once again finds itself rudderless.
If you span the business environment today the most difficult thing to earn or improve is Credibility!
Customers seek it. Employees demand it. Investors act on it.
The tale at Yahoo is a cautious one for those in a leadership or management position including communicators. No amount of rhetoric or activity can undo or resolve the situation. The Board and leadership team must now act in a decisive, open, and engaging manner to restore confidence in the brand including its strategy and direction.
The ultimate goal is to regain credibility internally and with key external stakeholders.
It may just start with checking the next CEO’s resume!