Yahoo investor Carl Icahn has agreed to put his proxy fight to rest in exchange for three board seats.Icahn, of course, will fill one of those seats; the other two will be chosen from a list of his nine hand-picked recommendations. Eight of the nine current Yahoo board members will be up for re-election, while Robert Kotick, CEO of Activision Blizzard, will step down. Shareholders meet Aug. 1.
Says Icahn, in this statement issued by Yahoo: "While I continue to believe that the sale of the whole Company or the sale of its Search business in the right transaction must be given full consideration, I share the view that Yahoo!'s valuable collection of assets positions it well to continue expanding its online leadership and enhancing returns to stockholders."