- The shares of genetics testing company 23andMe Holding Co. ( NASDAQ: ME ) dropped ~8% in the pre-market trading Friday after the company announced the resignation of its Chief Financial Officer Steven Schoch, effective Sep. 01.
- Citing a letter from Mr. Schoch on Aug. 15, 23andMe ( ME ) said he would no longer serve as the company’s principal financial officer and accounting officer from next month.
- However, Schoch will continue to serve the firm until Sep. 30, during the transition of his responsibilities and duties.
- Following his resignation on Aug. 17, 23andMe's ( ME ) board of directors has approved the appointment of Joseph Selsavage as the company’s interim chief financial and accounting officer.
- Selsavage, who previously served as the CFO of Lemonaid Health, Inc., which was acquired by 23andMe ( ME ) in Nov. 2021, will serve as the company’s CFO on an interim basis pending an executive search for a permanent replacement.
- Mr. Schoch's departure comes in the wake of ME's Q2 2022 financials, which indicated an over two- fold sequential rise in the company's net loss.
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23andMe drops 8% as CFO resigns