|On Friday of last week, shareholder activist investor Carl Icahn announced that he was stepping down from Blockbuster’s board of directors. According to an article from the Dallas Morning News, the impetus for his resignation is the Institutional Shareholder Services’ guideline on the number of boards positions one individual should hold.|
Mr. Icahn and Icahn Associates, his hedge fund management firm, remain the video rental company’s top shareholder. Mr. Icahn joined the board along with his own nominees, Edward Bleier and Strauss Zelnick, after winning a combative 2005 proxy battle. Bleier and Zelnick remain on the board. Mr. Icahn has also recently resigned from board positions at Yahoo and Motricity.