Carl Icahn resigned from Yahoo’s board of directors on Friday (October 23, 2009). His resignation letter reads as follows:
To the Yahoo! Board of Directors:
I am hereby tendering my resignation as a director of Yahoo! to take effect immediately.
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. 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.
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. As a result, I do not presently 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
Again, I want to thank the members of the Board for acting so responsibly during my tenure. I look forward to maintaining my relationship with each of you.
Sincerely,
Carl Icahn
Top Holdings of Carl Icahn
No. 1: Yahoo! Inc. (YHOO, Financial), Weightings: 34.3% of his holdings - 60,452,099 Shares
No. 2: Motorola Inc. (MOT), Weightings: 28.77% of his holdings - 119,790,447 Shares
No. 3: Biogen Idec Inc (BIIB), Weightings: 21.04% of his holdings - 12,860,205 Shares
No. 4: Amylin Pharmaceuticals Inc. (AMLN), Weightings: 6.34% of his holdings - 12,971,328 Shares
No. 5: Lions Gate Entertainment Corp. (LGF), Weightings: 3.36% of his holdings - 16,578,120 Shares
Carl Icahn Profile:
Carl Icahn is an activist investor. He takes minority stakes in public companies and typically pushes for change. He invests with three investment vehicles: the 7 billion hedge fund, Icahn Partners, American Real Estate Partners (AREP), a public traded private equity firm, and ICAHN MANAGEMENT LP, a $2 billion hedge fund. GuruFocus tracks the third portfolio, which covers all the stocks owned by Icahn Partners. Mr. Icahn has a personal wealth of $17 billion.
Carl Icahn Investing Philosophy:
Mr. Icahn buys beaten-down assets that nobody else wants, usually out of bankruptcy, then fix them up and sell them when they are back in favor. Regarding to his style, explains Icahn: The consensus thinking is generally wrong. If you go with a trend, the momentum always falls apart on you. So I buy companies that are not glamorous and usually out of favor. It is even better if the whole industry is out of favor.
To the Yahoo! Board of Directors:
I am hereby tendering my resignation as a director of Yahoo! to take effect immediately.
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. 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.
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. As a result, I do not presently 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
Again, I want to thank the members of the Board for acting so responsibly during my tenure. I look forward to maintaining my relationship with each of you.
Sincerely,
Carl Icahn
Top Holdings of Carl Icahn
No. 1: Yahoo! Inc. (YHOO, Financial), Weightings: 34.3% of his holdings - 60,452,099 Shares
No. 2: Motorola Inc. (MOT), Weightings: 28.77% of his holdings - 119,790,447 Shares
No. 3: Biogen Idec Inc (BIIB), Weightings: 21.04% of his holdings - 12,860,205 Shares
No. 4: Amylin Pharmaceuticals Inc. (AMLN), Weightings: 6.34% of his holdings - 12,971,328 Shares
No. 5: Lions Gate Entertainment Corp. (LGF), Weightings: 3.36% of his holdings - 16,578,120 Shares
Carl Icahn Profile:
Carl Icahn is an activist investor. He takes minority stakes in public companies and typically pushes for change. He invests with three investment vehicles: the 7 billion hedge fund, Icahn Partners, American Real Estate Partners (AREP), a public traded private equity firm, and ICAHN MANAGEMENT LP, a $2 billion hedge fund. GuruFocus tracks the third portfolio, which covers all the stocks owned by Icahn Partners. Mr. Icahn has a personal wealth of $17 billion.
Carl Icahn Investing Philosophy:
Mr. Icahn buys beaten-down assets that nobody else wants, usually out of bankruptcy, then fix them up and sell them when they are back in favor. Regarding to his style, explains Icahn: The consensus thinking is generally wrong. If you go with a trend, the momentum always falls apart on you. So I buy companies that are not glamorous and usually out of favor. It is even better if the whole industry is out of favor.
