Investor Calls For Yahoo Board Removal

A billionaire investor and activist is now fighting to remove Yahoo’s board of directors and reignite its talks with Microsoft.

Carl Icahn officially submitted notice of his request to the company today. He says he owns 59 million shares of Yahoo and believes the company’s board “acted irrationally and lost the faith of shareholders” during its failed talks with Microsoft.

Icahn listed 10 people he would like to see replace Yahoo’s leadership, including former Viacom CEO Frank Biondi and NBA team owner and former Broadcast.com head honcho Mark Cuban.

Icahn is among many who believe Yahoo’s CEO, Jerry Yang, demanded too much money when talking about a possible takeover with Microsoft. Microsoft withdrew its $47.5 billion offer two weeks ago.

The entire text of Icahn’s letter follows.

Icahn’s Letter to YahooUpload a doc

Read this doc on Scribd: Icahn’s Letter to Yahoo