Wed Sep 18 03:29:22 UTC 2024: ## 23andMe Board Resigns Amidst CEO’s Takeover Bid
**MENLO PARK, CA – October 25, 2024** – All seven independent directors of genetic testing company 23andMe have resigned from the company’s board, effective immediately. This comes after CEO Anne Wojcicki’s proposal to take the company private was rejected by the board’s special committee.
The board’s decision to resign follows a months-long stalemate between Wojcicki and the independent directors regarding the company’s future. Wojcicki, who co-founded 23andMe in 2006, believes taking the company private is the best path for long-term success, citing the short-term pressures of the public markets.
However, the directors have argued that they haven’t seen a fully financed and fully diligenced proposal that benefits all shareholders. In a letter to Wojcicki, they stated that they disagree with her strategic direction and “have not seen any notable progress over the last 5 months.”
23andMe went public in 2021 via a SPAC and has seen its share price plummet over 95% since then. The company’s market cap is currently under $200 million, a far cry from its onetime valuation of $3.5 billion.
Wojcicki, in a memo to employees, expressed disappointment over the directors’ resignation. She reiterated her commitment to the company’s mission and stated that a search for new independent directors will begin immediately.
The resignation of the entire independent board raises significant questions about the future of 23andMe. It remains to be seen whether Wojcicki will be able to secure the funding and support necessary to take the company private.
First Piper 