Another noteworthy event in the long, strange tale of the Microsoft-Yahoo deal has occurred: about 15 months after securing his seat on Yahoo’s board of directors, Carl Icahn has resigned the position.
It’s important to note that the move isn’t supposed to be interpreted as the first step in starting another fight. Or even as a sign of disapproval. In fact, in a letter announcing his resignation, Icahn made it sound more like a case of “mission accomplished” and “time to move on.”
“When I joined the Board, the company was in a state of turmoil,” he wrote. “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. I am proud to have played a role in both these decisions. 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 then continued, “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.”
Then here’s one more important detail: Icahn remains a major investor in Yahoo, with a 4.5 percent stake.
Still, shareholders don’t seem to have taken news of his resignation well. Yahoo’s stock is down 1.39 percent this morning even though the Dow and the Nasdaq have both made slight gains.
