The Board of Directors of Yahoo today announced that it has formed a special committee to conduct a review of CEO Scott Thompson's academic credentials, as the Internet company finds itself engulfed in a controversy over its new chief executive's educational background. The comittee will also review "the facts and circumstances related to the review and disclosure of those credentials in connection with Thompson's appointment as CEO," Yahoo said.

Last week, an activist hedge fund waging a proxy battle against Yahoo revealed that Thompson did not have a college degree in computer science as was stated in his official company biography and in Yahoo regulatory filings with the U.S. Securities and Exchange Commission.

Yahoo has acknowledged that Thompson does not have a computer science degree, initially calling the discrepancy an "inadvertent error."

Yahoo director Patti Hart will also not seek re-election to Yahoo's board, the company said. Ms. Hart, the chief executive officer of International Game Technology, informed the Yahoo! board that the IGT board requested that she not seek reelection as a Yahoo director.

"We thank Patti for her years of service and wish her all the best," the Yahoo board said.

Hart led the search committee that hired Scott Thompson, the president of PayPal, to take the CEO reins at Yahoo in January.