ILMN - Illumina gains as Carl Icahn sees positives in CEO transition
2023-06-12 07:33:00 ET
Illumina ( NASDAQ: ILMN ) added ~3% pre-market Monday as Carl Icahn, who spearheaded a proxy attack against the gene sequencing company, welcomed its leadership change following the resignation of CEO Francis deSouza.
The board of directors accepted the resignation of deSouza as the company’s CEO and as a Director effective June 11, San Diego, California-based Illumina ( ILMN ) said on Sunday.
General counsel Charles Dadswell will function as interim CEO until a permanent replacement is found through an executive search.
“While obviously I believe the change of CEO should have come meaningfully sooner, it is still a very positive occurrence,” Icahn said of deSouza, who narrowly survived his proxy campaign late last month at the company’s annual shareholder meeting.
The meeting marked a partial victory for Icahn, who called for the removal of deSouza, citing, among other things, Illumina’s ( ILMN ) controversial move to acquire cancer test maker Grail despite regulatory concerns.
At the meeting, two Icahn-backed board nominees failed to win seats, while his other nominee won a majority of votes to replace John Thompson, the company chairman.
Early this month, Illumina ( ILMN ) announced Hologic ( HOLX ) CEO Stephen MacMillan as the non-executive chair of the board.
“The new additions to the board, the CEO transition, as well as the change of the Chairman, are significant positives that should drive value for all stakeholders and human health,” Icahn said in a tweet.
More on Illumina’s proxy fight
- Illumina names Hologic CEO as chair, elects Edwards CFO to board
- Carl Icahn seeks to bring Illumina’s former CEO back – WSJ
- Icahn Reacts Audaciously To Illumina's Audacity
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Illumina gains as Carl Icahn sees positives in CEO transition