Billionaire investor Carl Icahn has resigned from the board of directors at Yahoo, saying that the board no longer needs an activist amongst its ranks. Skip related content
In a resignation letter to the board, Icahn wrote, I don't believe that it is necessary at this time to have an activist on the board of Yahoo and currently, my attention is focused on other matters."
As a result, I do not presently have the time that is necessary to devote to the business and affairs of Yahoo required if a board member is to fulfil his fiduciary duties to the shareholders.
Icahn, who was an outspoken opponent of Yahoo founder Jerry Yang, upped his share in the internet giant from 5 to 5.4 per cent after Yang stepped down at the helm last year.
He was also instrumental in trying to force through a deal with Microsoft, after Redmonds proposed $47 billion takeover of Yahoo fell through.
After Yahoo finally signed a search and advertising deal with Microsoft earlier this year however, Icahn took a more backseat role, selling over 12 million shares in the company.
He was also a vocal supporter of new chief executive Carol Bartz, who stepped up at a difficult time for the company in January this year, and has since done well to turn things around.
"Carol is doing a great job and I believe the Microsoft transaction will provide great long term benefits, the potential of which many still do not understand," Icahn wrote in his resignation letter.
