Fri Sep 20 08:46:53 UTC 2024: ## 23andMe Board Resigns Amidst CEO’s Takeover Bid
**SAN FRANCISCO** – All independent directors of 23andMe, the genetic testing company, have resigned, marking a significant development in the company’s ongoing saga. The resignations come after months of strained negotiations with CEO and co-founder Anne Wojcicki, who is seeking to take the company private.
The board members, in a letter to Wojcicki, cited a lack of a “fully financed, fully diligenced, actionable proposal” from Wojcicki that would benefit non-affiliated shareholders. They stated their belief in 23andMe’s mission but argued that their departure was necessary due to Wojcicki’s controlling voting power and conflicting views on the company’s future.
Wojcicki, in a memo to employees, expressed surprise and disappointment at the resignations but reiterated her belief that taking the company private would be beneficial in the long run. She also announced that the company would be seeking new independent directors.
The resignations come at a time of significant financial struggles for 23andMe, which has been unable to establish a profitable business model since going public in 2021. The company reported a net loss of $667 million in its last fiscal year and its stock price has plummeted by over 97% since its debut.
Wojcicki’s attempt to take 23andMe private, announced in April, has been met with resistance from the board. While she has submitted a proposal, the board’s evaluation committee deemed it insufficient.
Beyond the board resignations, 23andMe has been facing other challenges, including a $30 million settlement of a class-action lawsuit alleging data breach.
With Wojcicki now the sole remaining board member, the future of 23andMe remains uncertain. The company’s ability to overcome its financial struggles and navigate the ongoing leadership crisis will be critical to its future success.
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