Illumina (ILMN) announced on Tuesday that it has selected Agilent Technologies ( A) executive Jacob Thaysen as the new CEO, as the genetic sequencing company struggles to recover from a proxy fight with activist investor Carl Icahn and a share price fall.
Points to remember
- Illumina has chosen a new CEO after a proxy fight with activist investor Carl Icahn led to the company's former chief Francis deSouza stepping down.
- The Board of Directors has announced that Jacob Thaysen, Director of Agilent Technologies, will take office on September 25.
- Illumina shares fell after its controversial 2021 decision to complete the multi-billion dollar purchase of cancer-screening test developer Grail without regulatory approval.
li>
Thaysen is to take control of Illumina in September. 25, replacing Francis deSouza, who stepped down in June as Icahn decided to reshuffle the board following the company's controversial decision in 2021 to buy the Grail cancer test developer for $7.1 billion.
Officials in the United States and the European Union (EU) moved to block the deal, and Icahn and his supporters criticized the leaders for moving forward and completing the deal without getting approval. 39;prior approval from regulators. The company is appealing these decisions.
Chairman Stephen MacMillan said Thaysen was selected after the board conducted “a rigorous research process”, adding that Thaysen will “help shape and lead the company towards its next phase of growth”.
Illumina shares fell 5% on the news on Tuesday. They've lost about two-thirds of their value since the company acquired Grail in September 2021.
YCharts. Do you have any news advice for Investopedia reporters? Please email us at tips@investopedia.com
Source: investopedia.com
