Investor Carl Icahn said late Friday he has resigned from the board of directors at Yahoo Inc., saying that there was not a need at this time for an activist investor at the internet company.
Icahn said in a statement that there were a number of other companies on which he is currently focused, and praised the company's recent search and advertising partnership with Microsoft Corp.
The investor, who owns about 5 percent of Yahoo shares, forced his way onto the board at Yahoo last year, in the midst of widespread dissatisfaction after the company refused to accept an unsolicited takeover bid from Microsoft.
In the statement, he said he hopes to continue a relationship with Yahoo CEO Carol Bartz and the other members of the board. He went on to praise Bartz's efforts, adding that the deal with Microsoft would provide great long-term benefits, the potential of which many still do not understand.