Carl Icahn, the activist billionaire investor who made such a noisy fuss in his quest to force management and other changes at Yahoo, is taking a much quieter leave from the Internet giant’s board.

He said “there was not a need at this time for an activist investor” on Yahoo’s board.

That’s true, of course, but here’s BoomTown’s quickie analysis: Yahoo CEO Carol Bartz completely ignores him.

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Let’s be honest–even with the sassy stylings of CEO Carol Bartz, who will be appearing at her first Yahoo annual meeting this morning–there are few of these affairs that are even remotely exciting.

Last year’s Yahoo meeting did have a frisson of possibility, since billionaire investor Carl Icahn and Microsoft CEO Steve Ballmer were fixing to put the double squeeze on the board and, especially, its then-CEO and co-founder Jerry Yang. Also, major Yahoo shareholders threatened a revolt.

But, none of that panned out. Thus, this year is likely to be a snoozer in comparison.

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Jill Nash, Yahoo’s chief communications officer, has told CEO Carol Bartz and other Yahoo staff this afternoon that she is leaving the company.

Nash, sources said, told staff that she does not have any plans to move to another company immediately, so the reasons for her departure are unclear.

BoomTown would have to guess that Nash is simply completely spent from her past two years at Yahoo, which have been very fraught from a public relations perspective, to say the least.

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Obviously, the dream CEO for Yahoo is News Corp. President and COO Peter Chernin.

And, no surprise, he is the No. 1 choice of most inside and outside Yahoo in the wake of the news late yesterday that its current CEO and Co-Founder Jerry Yang is stepping down.

Well, Yahoo would certainly be a challenge for Chernin, in terms of a corporate cleanup challenge, especially compared to figuring out how to make bank on plush toys from “The Simpsons.”

But there are many other contenders for the job, despite the slog it could be. Here’s BoomTown’s list…

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What does Carl Icahn, the billionaire activist shareholder who waged war on Yahoo and now sits on its board, really think?

“…I really think current boards and managements are killing the country,” he said in an interview published Friday in The Wall Street Journal’s Opinion Journal. “I’ll tell you why, ’cause I’ve lived it. I’m on a lot of boards, I see how ineffectual they are.”

While he was talking about the state of American management in general and not Yahoo in particular, BoomTown thinks Yahoo CEO Jerry Yang might want to listen up!

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Unless there is an 11th-hour change of heart from Time Warner, former AOL head Jon Miller will still not be Carl Icahn’s choice for the two other seats he will select–which requires Yahoo’s consent–to the board of the Internet company, set to be announced by Friday.

Instead, several sources with knowledge of the situation think Icahn is likely to choose Edward Meyer (pictured here) and Frank Biondi, both of whom were on his alternative board slate when the activist investor was waging his now-defunct proxy fight against Yahoo.

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Yesterday–in a patented playbook move–some top Microsoft execs didn’t miss a chance to slap around Yahoo over its shareholder vote debacle, letting it be known to industry insiders (on the very loud QT, of course) that the Internet company knew full well that its biggest investor, Capital Research & Management, was going to vote a large number of shares against it.

In essence, Microsofties are arguing that knowledge of a major investor’s dissatisfaction should have prompted Yahoo to question its unusually positive voting results at its annual meeting on Friday and ask the outside voting tabulator to recheck its numbers before officially releasing them.

While BoomTown is careful to consider the sources here–the collapse of Microsoft’s bid for Yahoo has left quite a bit of acrimony between the pair–they actually might have a point.

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Talking to Yahoo shareholders as if they were particularly thick and surly teenagers, Yahoo Chairman Roy Bostock articulated his umpteenth defense of the board’s handling of its dealmaking with Microsoft.

“I’d like to take you back–with all the hoopla, all the publicity that has surrounded the company, I think there has been a great deal of misinformation,” said Bostock about Yahoo’s dealings with Microsoft over the last year, speaking at its at its annual meeting this morning.

Thanks, Roy–glad you finally cleared things up!

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Ah, lovely breakfast pastries of all kinds tumbling down from the tables outside the Imperial Ballroom at the San Jose Fairmont this morning at Yahoo’s annual meeting.

But, of course, no Carl Icahn and the noisy proxy fight circus that would have followed the shareholder activist here.

Which is kind of a relief, really, after a very fraught year for the troubled Internet company.

As to news that is likely to come out of the meeting, which starts at 10 a.m.?

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Oh dear, oilman T. Boone Pickens has apparently been Yanged.

That sounds like something that would happen out on the back 40 of a Texas ranch that no one in the clan ever discusses in polite company.

Actually, losing about $50 million is also something moneymen like Pickens don’t like to talk about either, even if he is as rich as can be.

Of course, in dumping his 10 million shares so precipitously, Pickens’s parting shot showed exactly what Yahoo’s big weakness is as the company heads into its annual meeting on Friday: an increasingly depressed stock.

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Well, it will not be nearly as interesting as it would have been had activist shareholder Carl Icahn been attacking full-throttle in a proxy fight.

But Yahoo’s annual meeting on Friday will be more of a humdinger than usual.

So many moving parts, including who, who, who will Yahoo and Icahn decide on for the two other new board members besides Icahn?

Actually, BoomTown mostly wants to know who gets to sit next to Icahn at the first board meeting. I vote Yahoo CEO Jerry Yang!

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BoomTown was all busy trying to think of execs to replace Yahoo CEO Jerry Yang, as pressure mounts on him to right the troubled Internet company.

But now, Yang’s position feels safer than ever and it’s his nemesis–Microsoft–that needs a new leader for its long-stumbling online services business.

Microsoft is already been cracking, according to sources, with a wish list of internal and external candidates that CEO Steve Ballmer is now considering.

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Is Microsoft about to make another move on Yahoo? Or perhaps on AOL? Or is it just getting ready to articulate strategic plans for getting serious about the online search business on its own at its financial analysts’ meeting tomorrow morning?

Or perhaps–and this might be the best strategy for the moment–the software giant is actually managing to stifle itself and wait to return to the playing field when things settle down a little bit.

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A source close to Yahoo’s thinking emailed and declared that BoomTown was misinformed and ignorant of the insider mechanics of high-level corporate wrangling when I suggested in a post earlier today that the settlement between Yahoo and Carl Icahn was perhaps not the time to break out the bubbly.

You know, because Yahoo’s stock is still moribund, morale is still low, Microsoft is still looming and the economy is still tanking.

Other than that, Yahoo sources wanted to let me know the Icahn truce was a win.

And that is absolutely true, technically speaking.

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Okay, a show of hands of those who don’t want to hear another word about how incompetent the other side is in the now-settled proxy fight between activist investor Carl Icahn and Yahoo.

Icahn, whom Yahoo insisted last week was unfit to even turn on a computer, now appears to be perfectly capable of leading the troubled Internet company as a board member, along with two cronies of his choosing (with Yahoo’s consent).

What’s not clear–except for removing uncertainty and noise–is exactly what this means for shareholders or how it gets Yahoo back on track or even how a possible deal with Microsoft is now struck.

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