Feeds

Carl! Icahn! quits! Yahoo!

Loses! millions! of! dollars!

The Power of One Infographic

Carl Icahn has resigned from Yahoo's board of directors after a stint that saw him fail to flog the company to Microsoft and the web firm's shareprice continue to slide.

The troublemaking investor said there was no longer any need for Yahoo! to have an activist director on the board. He said he was focussed on other matters so did not have the time to devote to the job.

Icahn said, according to Reuters: "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."

He said chief executive Carol Bartz was doing a great job and the deal with Microsoft "will provide great long term benefits, the potential of which many still do not understand".

Icahn began building his stake when Yahoo! shares were at $25 - they are currently trading at just over $17.

Although he has been reducing his stake in recent months, the adventure must still have cost him dearly.

Icahn began battling Yahoo's management when they rejected a takeover bid from Microsoft. He built a five per cent stake in the firm and proposed an alternative board of directors to run the firm.

The long-running battle with founder Jerry Yang ended in July 2008 when Icahn was given a seat on the board, but he never succeeded in selling the company to Microsoft. ®

Boost IT visibility and business value

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple ran off to IBM
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.