Illumina announces CEO transition plan as Francis deSouza resigns

Illumina connected Sunday announced its committee of directors has accepted the resignation of CEO Francis deSouza, conscionable weeks aft activistic capitalist Carl Icahn failed to oust him from the biotech company.

The committee of directors is searching for a caller CEO and is considering some interior and outer candidates, according to a release. Charles Dadswell, Illumina's elder vice president and wide counsel, volition enactment arsenic CEO successful the interim.

DeSouza's resignation is effectual immediately, but helium volition enactment connected successful an advisory capableness until July 31.

"It has been the privilege of a beingness to service Illumina," deSouza said successful the release. "We person made large advancement together, but I judge we are inactive astatine the precise opening of the interaction Illumina volition person connected quality wellness by unlocking the powerfulness of the genome."

Illumina, known for its DNA sequencing and array-based technology, has been successful a heated proxy combat with Icahn, who owns a 1.4% involvement successful the company.

Icahn has accused Illumina's enforcement absorption and committee of mediocre oversight, peculiarly with respect to the company's controversial $7.1 cardinal acquisition of crab trial shaper Grail successful 2021. Similarly, successful an open letter to Illumina shareholders successful April, Icahn accused deSouza of "desperately, hilariously and, astir of all, unsuccessfully" trying to rotation "decidedly mediocre" quarterly results during a property tour.

In precocious May, Icahn had urged shareholders to ballot disconnected deSouza and Chairman John Thompson from the nine-member board. Shareholders booted Thompson, but deSouza held onto his relation until Sunday.