Carl Icahn exits Yahoo's board to focus 'on other matters'

After a tumultuous year-long adventure trying to influence the management of Yahoo, Carl Icahn, the Wall Street billionaire gadfly, has resigned from the company's board. After wading into Microsoft's $47.5 takeover attempt on Yahoo last year, Icahn, who owns about 5 percent of Yahoo shares, said in a letter to the board that he was focused on other matters -- most notably perhaps, his large debt-stake in CIT -- and as a result, "I do not presently have the time that is necessary to devote to the business and affairs of Yahoo."

As Icahn exits the Yahoo stage, the corporate raider can claim no great victory -- Yahoo shares are hovering where they were when Icahn became involved with the company's governance last year.