ILMN - Hologic CEO Steve MacMillan says he's not leaving after taking on Illumina chair role

2023-08-01 11:10:46 ET

Hologic Inc. ( NASDAQ: HOLX ) CEO Steve MacMillan said he doesn't plan to go anywhere after he was appointed chairman of Illumina ( NASDAQ: ILMN ) in June.

"Let’s be really clear; I’m going to be at Hologic through the end of my useful life in terms of what I’ve worked for, built for," MacMillan said on the company's Q2 earnings call o n Monday.

There had been some speculation that MacMillan could be headed to become the CEO of fellow San Diego-based company Illumina ( ILMN ) after its former CEO, Francis deSouza, stepped down from the gene-sequencing maker in June amid pressure from activist investor Carl Icahn.

"While we are encouraged by Steve’s commitment, we struggle with HOLX’s current valuation and long-term growth strategy," RBC analyst Connor McNamara, who cut his price target on HOLX to $85 and maintained his sector perform rating in a note on Tuesday following the company' s Q2 results.

Hologic ( HOLX ) shares fell 4.2% on Tuesday, while Illumina ( ILMN ) dropped 1.4%.

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