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Yahoo Director Robert Kotick set to resign

Robert Kotick, a Yahoo Inc director, will resign from the search engine company shortly after its annual meeting. Kotick will stand for reelection to comply with a settlement with investor Carl Icahn.

Yahoo outlined more details of its agreement to appoint Icahn and two of his nominees to its board to avert a proxy fight. Kotick, chief executive of Activision Blizzard, had said earlier this month he would not run on the Yahoo slate.

According to the settlement deal with Icahn, Yahoo will run a nine-member slate of directors during its shareholder meeting.

Kotick will then resign shortly after the meeting in an effort to allow Yahoo to expand its board members to 11, making room for Icahn and two of his candidates.

Carl Icahn must commit to owning at least 30 million shares of Yahoo stock to remain as an active board member.