Icahn to resign from Yahoo board

Icahn to resign from Yahoo board

Summary: Billionaire Carl Icahn, who launched a proxy war for control of Yahoo after co-founder Jerry Yang rejected a Microsoft takeover last year, said he will resign from Yahoo's Board of Directors, according to reports.Noting that the board no longer needs an activist, Icahn said he is focused on "a number of other companies" and that he doesn't have time to focus on Yahoo.

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Billionaire Carl Icahn, who launched a proxy war for control of Yahoo after co-founder Jerry Yang rejected a Microsoft takeover last year, said he will resign from Yahoo's Board of Directors, according to reports.

Noting that the board no longer needs an activist, Icahn said he is focused on "a number of other companies" and that he doesn't have time to focus on Yahoo. Icahn scored a seat on Yahoo's board last summer after reaching a settlement on the proxy fight.

Since then, Yahoo has become a different company, with new CEO Carol Bartz cleaning house and refocusing the company's strategies and efforts, including a $100 million marketing campaign and a 10-year search deal with Microsoft.

Earlier this week, Yahoo reported third quarter earnings that were flat sequentially, though still considered to be "solid," given the state of the economy. In the first three quarter under Bartz' control, the company has shed some business units and honed in on others. During the earnings call, company execs said the major businesses have stabilized.

Icahn remains one of Yahoo's major shareholders with about a 4.5 percent stake. Icahn praised Bartz's work on the company, as well as the Microsoft search deal, which he said will provide long-term benefits.

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6 comments
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  • What a surprise

    He wanted to rape the company and pocket a ton of money like all modern American "investors".

    I hope no one really thought he wanted to build yahoo into something better.
    croberts
    • We know. But still, merging with Microsoft might be a good idea.

      Don't you think?
      Dealing
      • Ditto

        ditto. I really don't like the idea of yahoo and microsoft merging *emotionally*. But it migh have been a good deal.
        mathcreative
    • Billionaire Carl Icahn

      ...used to be called a Corporate Raider. His primary accomplishments, outside creating a huge personal bank account, is the destruction of thousands of (formerly loyal) employee jobs. He really should just go away.
      Bill4
  • Yahoo: learn to translate technology into profitable business

    Yahoo: critical need to translate technology into profitable business

    Ichan may not be well liked by the Yahoo loyal, but..

    Yahoo needs to stay focused on the job at hand in order to make up lost ground against competitors who challenge everything Yahoo on every front

    Google- with web centric apps and platforms and search
    Microsoft - search and now new platforms in infancy
    and all the other smaller players who are re-inventing
    the use of the internet

    What does Yahoo have the no else has?
    daniel.pereznet
  • RE: Icahn to resign from Yahoo board

    ayqzyr,good post!
    makrekdw5401-24353689456616364027183937684881