Carl Icahn, who led a stockholder revolt at Yahoo aimed at taking over the board of directors, changing the management team, and selling to Microsoft, has resigned from the Yahoo board.

Depending on the point of view of the companies and people that have been his targets, Carl Icahn can either be considered a corporate activist, a corporate raider, or something in between. In the news coverage at the time, Icahn was certainly cast in all of those roles when the entered the tense situation which resulted when Microsoft tried to purchase Yahoo lock, stock, and barrel in 2008. Icahn first purchased about $50 million in Yahoo shares, then launched a proxy fight in May of that year to try to take control of the Yahoo Board of directors, with the objective of taking control of the Yahoo board, replacing the Yahoo CEO, and brokering a sale of Yahoo to Microsoft. He was not completely successful.

As a part of his resignation announcement, Icahn said of new Yahoo CEO Carol Bartz and the latest Microsoft deal, “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. … 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 leaves behind a much different company that he found. Yahoo has sold all of its search interests to Microsoft and is now focusing more on content than services. For their part, Yahoo appeared to be sanguine about the parting, according to a CNET story. In a prepared statement, Yahoo said “Carl has been an important member of our Board and has helped us through some significant transitions. We are all grateful for his active role shaping the future of Yahoo.” Thus ends the Microsoft – Yahoo portion of Carl Icahn’s career – we hope.

Related:

Entry was posted on Saturday, October 24th, 2009 at 11:04 am under Microsoft, Yahoo!, business.

Read more entries by Michael W. Jones.
Stumble It!