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Carl Icahn quits Yahoo's board of directors

Icahn praises CEO Carol Bartz in resignation letter


Investor Carl Icahn has resigned from Yahoo's board of directors.

Icahn, who owns 5.4 percent of Yahoo common stock, was allowed to sit on the board in August last year, after trying to force the board into selling all or part of the company to Microsoft when the tech company's original bid of $44bn for Yahoo fell through.

However, now Icahn has revealed he doesn't believe "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," he said in his resignation letter.

Icahn also praised new chief executive Carol Bartz, who was appointed in January this year.

"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 said.

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See also: Microsoft-Yahoo deal backed by advertising group


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