UPDATED 3:26 P.M. E.D.T.
Yahoo CEO Scott Thompson, charged by a shareholder group of lying on his resume, will quit the company, The Wall Street Journal reported Sunday, citing its All Things D technology blog.
The All Things D reports said the company will say he is leaving for "personal reasons."
Thompson has been on the job for about two months. The shareholder group, hedge fund Third Point LLC, discovered that the PayPal veteran doesn't hold the computer science degree that's been listed in numerous biographies and in securities filings.
Earlier this week the company said "This in no way alters the fact that Mr. Thompson is a highly qualified executive with a successful track record leading large consumer technology companies."
The board also will appoint three new members and select a new chairman on Sunday, the Journal reported.
The Journal said Yahoo's board will appoint the company's global media head, Ross Levinsohn, as interim CEO.
The incoming board members reportedly to be selected Sunday are three of those nominated by Daniel Loeb, an activist shareholder and manager Third Point.
A Yahoo Inc. spokeswoman did not immediately return a call for comment.
Patti Hart, the director who oversaw Thompson's hiring, has said she will step down at Yahoo's annual meeting later this year.
Yahoo is fighting Google for search supremacy and is losing badly, though the company's first-quarter results showed signs of progress this year.
Below, Jeffrey Sonnenfeld of the Yale School of Management, discusses the controversy over Yahoo CEO's credentials on CNBC, saying "It's bordering on-cover-ups-are-worse-than-the-crimes types of situations," he says.
We will update this story as soon as new information becomes available.
The Associated Press contributed to this story.