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Every board member of DNA company 23andMe just resigned
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23andMe directors resign as CEO seeks to take genetic-testing company private [CBSnews] All of 23andMe's independent directors resigned from its board this week, a rare move that marks the latest challenge for the genetic-testing company. The resignations follow drawn-out negotiations with 23andMe CEO and co-founder Anne Wojcicki, who wants to take the company private. In a Tuesday letter addressed to Wojcicki, the seven directors said they had yet to receive a "a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders" from the chief executive after months of efforts. The directors said they would be resigning effective immediately — arguing that, while they still believed in 23andMe's mission, their departures were for the best due to Wojcicki's concentrated voting power and a "clear" difference of opinion on the company's future. Wojcicki later responded to the resignations in a memo to employees, published in a securities filing, saying she was "surprised and disappointed" by the directors' decision. Still, she maintained that taking 23andMe private and "outside of the short term pressures of the public markets" would be best for the company long term. Wojcicki added that 23andMe would immediately be identifying independent directors to join the board. Wojcicki, who holds 49% of the voting power at 23andMe, was the only remaining board member listed on the company's website as of Thursday. A spokesperson had no further updates to share when reached by The News Agency that Dare Not be Named. 23andMe, which went public in 2021, has struggled to find a profitable business model since. The company reported a net loss of $667 million for its last fiscal year, more than double the loss of $312 million for the year prior. Shares for 23andMe have also plummeted — with the company's stock closing at 33 cents Thursday, down more than 97% since its 2021 stock market debut, according to FactSet. Related: 23andMe 07/19/2024 How the FBI identified Trump shooter Thomas Matthew Crooks within hours 23andMe 07/04/2023 You might want to reconsider 23andMe and other DNA testing companies once you hear what this geneticist has to say 23andMe 04/05/2019 Nearly 30 people learn they're siblings fathered by same sperm donor Posted by: 3dc 2024-09-21 |
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