Icahn resigns from Yahoo board

Activist investor, who pushed for Yahoo to sell to Microsoft, steps down as director, says an activist director is no longer needed.

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By Tami Luhby, CNNMoney.com senior writer

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Carl Icahn resigns from Yahoo's board.

NEW YORK (CNNMoney.com) -- Activist investor Carl Icahn is resigning from Yahoo Inc.'s board of directors.

Icahn, who joined Yahoo (YHOO, Fortune 500)'s board last summer after trying to take control of the company, said on Friday that there was no longer a need for an activist director at the firm.

Since he joined in the summer of 2008, Yahoo named Carol Bartz to replace co-founder Jerry Yang as chief executive and then entered into a 10-year partnership with Microsoft (MSFT, Fortune 500) to take on search engine titan Google.

"When I joined the Board, the company was in a state of turmoil," Icahn wrote in his resignation letter. "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 joined Yahoo in the summer of 2008 as part of a deal to end a bitter proxy fight for control of the Internet giant. Icahn had been pushing Yahoo to sell itself to competitor Microsoft. To top of page

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