Investor Carl Icahn quits Yahoo board

He once called Jerry Yang and the Yahoo board "self-destructive doomsday machines"

Carl Icahn, the activist investor who pushed for some of the big changes that have taken place at Yahoo, announced his resignation Friday from the company's board of directors.

In a letter to the board that was also released to reporters, Icahn said he no longer sees a need for an activist investor at Yahoo. He praised the work of Yahoo CEO Carol Bartz and said the search deal Yahoo struck with Microsoft would "provide great long-term benefits, the potential of which many still do not understand."

Icahn was one of Yahoo's most vocal critics last year, when he pushed for the removal of Jerry Yang as CEO and for Yahoo to accept an unsolicited acquisition offer from Microsoft. He accused Yang and the board of acting against the interests of Yahoo's shareholders, at one point referring to them as "self-destructive doomsday machines."

Yahoo has since replaced Yang with Bartz and entered a 10-year search and advertising deal with Microsoft. Part of the deal calls for Yahoo to use Microsoft's Bing search engine to power Yahoo's results.

"When I joined the board, the company was in a state of turmoil. In the period since then, we have all worked together to achieve much for the company, most notably bringing Carol on to be the CEO and then consummating the search deal with Microsoft," Icahn wrote in the letter.

He said he was "proud to have played a role in both these decisions."

Icahn joined the board last year after threatening to launch a proxy fight to replace the entire board and remove Yang as CEO. Ultimately, he agreed to drop the proxy battle in exchange for a board seat for himself and two other people he handpicked.

Yahoo said Icahn had been an important member of its board who has "helped us through some significant transitions."

It said it was grateful for his "active role shaping the future of Yahoo."

Join the newsletter!

Or
Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags MicrosoftYahooCarl IcahnMicrohoo

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

James Niccolai

IDG News Service
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?