Yahoo's CEO Scott Thompson (in picture) is to be replaced after just four months in the position, according a statement released by the company. Following allegations that he lied on his CV, with the inclusion of a bogus IT degree, pressure from investors for his resignation mounted.

Daniel Loeb, head of hedge fund Third Point, spearheaded the campaign for Thompson's removal and originally made the allegations over the CEO's CV. Third Point is one of Yahoo's largest shareholders, with a 5.8 percent stake in the company, and has strongly criticized the struggling hi tech company's leadership recently. Yahoo has named Ross Levinsohn as interim CEO.

Commentators are citing the replacement as a big victory for Third Point, with the hedge fund also recommending candidates and seeking greater representation on Yahoo's board. Loeb has openly blamed Yahoo's management for the company's recent difficulties, during which it has been bested time and time again by Facebook and Google.

American internet multinational Yahoo was founded by Jerry Yang and David Filo in 1994. Headquartered in Sunnyvale, California, USA, the company expanded rapidly on the back of its search engine and email service, but is widely seen to have lost out to competitors with the rise of social media. Co-founder Jerry Yang also resigned earlier this year.

Liam Lever, liam@romania-insider.com