October 23rd, 2009
Icahn to resign from Yahoo board
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.
Sam Diaz is a senior editor at ZDNet. See his full profile and disclosure of his industry affiliations.
Subscribe to Between the Lines via Email alerts or RSS.
