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Billionaire investor Carl Icahn has quit the board of Yahoo!, and has cited that the Internet search giant does not require an “activist" director like him.
"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," Icahn, one of the company's largest shareholders, wrote in a resignation letter to the board, a copy of which was provided by his office.
"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 fulfil his fiduciary duties to the shareholders," he added.
A spokeswoman for the investor, Susan Gordon, said in a statement that Icahn "indicated that there are a number of other companies on which he is currently focused."
Icahn had offered a six-billion-dollar loan to ailing lending giant CIT Group on Monday.
