Illumina CEO Francis deSouza has resigned from his position, effective immediately. The announcement comes after activist investor Carl Icahn attempted to place three representatives on Illumina's board ahead of the annual shareholder meeting last month. Icahn criticized deSouza's leadership and the incumbent board's failure to maximize value for shareholders, specifically pointing to the 2020 acquisition of cancer detection company GRAIL, which faced regulatory roadblocks due to potential anti-trust issues. In March 2023, the Federal Trade Commission found that the acquisition was in violation of anti-trust policies and ordered Illumina to divest GRAIL. Current senior vice president and general counsel Charles Dadswell will act as the company’s head in the interim while Illumina's board is searching for a replacement who can drive advancements in healthcare, growth and shareholder value.
Keywords: Illumina, CEO resignation, activist investor, anti-trust battle, shareholder value
Illumina's CEO Francis deSouza has resigned due to criticisms from activist investor Carl Icahn regarding his leadership and alleged failures to maximize shareholder value. This came after Illumina's acquisition of cancer detection company GRAIL faced regulatory roadblocks due to potential anti-trust issues and was found by the Federal Trade Commission to be in