Francis deSouza, chief executive officer of Illumina Inc., during a panel session on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 19, 2023.
Stefan Wermuth | Bloomberg | Getty Images
Illumina on Sunday announced its board of directors has accepted the resignation of CEO Francis deSouza, just weeks after activist investor Carl Icahn did not oust him from the biotech company.
The board of directors is trying to find a recent CEO and is considering each internal and external candidates, in accordance with a release. Charles Dadswell, Illumina’s senior vice chairman and general counsel, will act as CEO within the interim.
DeSouza’s resignation is effective immediately, but he’ll stay on in an advisory capability until July 31.
“It has been the privilege of a lifetime to serve Illumina,” deSouza said in the discharge. “We have now made great progress together, but I think we’re still on the very starting of the impact Illumina can have on human health by unlocking the ability of the genome.”
Illumina, known for its DNA sequencing and array-based technology, has been in a heated proxy fight with Icahn, who owns a 1.4% stake in the corporate.
Icahn has accused Illumina’s executive management and board of poor oversight, particularly with regard to the corporate’s controversial $7.1 billion acquisition of cancer test maker Grail in 2021. Similarly, in an open letter to Illumina shareholders in April, Icahn accused deSouza of “desperately, hilariously and, most of all, unsuccessfully” attempting to spin “decidedly mediocre” quarterly results during a press tour.
In late May, Icahn had urged shareholders to vote off deSouza and Chairman John Thompson from the nine-member board. Shareholders booted Thompson, but deSouza held onto his role until Sunday.
Icahn wrote in a tweet Sunday that he’s “glad” to see the recent changes at Illumina.
“While obviously I think the change of CEO must have come meaningfully sooner, it continues to be a really positive occurrence,” he said.
