Icahn says goodbye to Yahoo!'s board of directors, praises CEO

By Lisa Kerner

Charlotte, N.C., Oct. 23 - Carl Icahn announced his resignation from the board of directors of Yahoo! Inc. on Friday.

According to Icahn, Yahoo!'s board was in a state of turmoil when he first joined, but now there is no need for an activist director at the company.

In a letter to Yahoo!'s board of directors, Icahn said he is proud to have played a role in bringing Carol Bartz onboard as the Sunnyvale, Calif., internet company's chief executive officer and in consummating the search deal with Redmond, Wash., software company Microsoft Corp.

"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 in the letter.

Icahn also said in the letter that he does not currently have "the time that is necessary to devote to the business and affairs of Yahoo! required if a board member is to fulfill his fiduciary duties to the shareholders."

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