Yahoo! Inc said Chief Executive Officer Scott Thompson is stepping down after failing to correct errors in his credentials and the company is revamping its board, handing a victory to investor Daniel Loeb, who had pushed for the overhaul and said the Web portal is mismanaged.

Ross Levinsohn, Yahoo's head of global media, was named interim CEO, and director Fred Amoroso will become chairman, the Sunnyvale, California-based company said in a statement on Sunday.

Amoroso replaces Roy Bostock, the non-executive chairman, who is exiting the board immediately. Yahoo agreed to add Loeb to its board along with two other directors nominated by his fund, Third Point LLC, to end a proxy fight.