He received a Bachelor of Business Administration from Florida A&M University in 1971 and an MBA from MIT Sloan School of Management in 1983.

Before moving on to become Symantec's CEO in 1999, Thompson's 28-year career with IBM Corporation included senior executive positions in sales, marketing and software development, and lastly as general manager of IBM Americas as well as membership in the company’s Worldwide Management Council.

Thompson purchased a 20 percent share of the Golden State Warriors NBA team in 2005 along with three other Silicon Valley businessmen under the umbrella of the Bay Area Basketball Partners, L.L.C.

[20][21][22] Ultimately, Senator Judd Gregg was chosen for the post[23] but withdrew his name on February 12.

Speaker of the House Nancy Pelosi appointed Thompson to the Financial Crisis Inquiry Commission in 2009.