Icahn Quits Yahoo Board… WTF?

After going through all of the effort to get onto the Yahoo board, Carl Icahn has decided to pull the plug:

Icahn said in a statement that there are other matters that he would rather focus his energies on, while praising Yahoo Chief Executive Carol Bartz and lauding the company’s recent signing of a search and advertising partnership with 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 wrote in a letter of resignation.

Yahoo shares fell almost 2% to $16.90 in late trading, following Icahn’s announcement.

So if there’s no need for somebody like Icahn, then why bother stirring up all the trouble he did? His presence on the board must have mattered as the stock dived after the news that he quit the board made the news.

One has to wonder what made him pull the plug. I wonder if there’s something about this that we don’t know about.

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