Illumina’s Sudden CEO Exit Is Just One of Many Problems Facing DNA Company
The sudden resignation of Francis deSouza raises questions about the firm’s future after its proxy fight with Carl Icahn.
For the past few months, DNA sequencing giant Illumina Inc. has been locked in a high-stakes proxy battle with activist investor Carl Icahn. In May, two of the three candidates Icahn had sought to put on Illumina’s board were defeated by shareholders. Chief Executive Officer Francis deSouza was also reelected to the board, despite Icahn seeking his removal. That suggested that the heated drama over Illumina’s leadership and direction was finally cooling down.
Just how wrong that view was became clear on June 11, when the company’s board announced it had accepted deSouza’s resignation, handing a surprise victory to Icahn after all and highlighting that the uncertainty about the company’s next steps is far from over.