Illumina signals CEO transition plan as current CEO resigns

Illumina’s board of directors accepted the resignation of CEO Francis deSouza just weeks after activist investor Carl Icahn failed to oust him.

The biotech company's board of directors is currently in search of a new CEO and is contemplating both internal and external candidates. Charles Dadswell, general counsel and senior vice president at Illumina, will serve as CEO in the interim.

While deSouza’s resignation takes effect immediately, he will stay on in an advisory capacity until July 31, 2023.

DeSouza stated in the press release that working for Illumina had been the pleasure of a lifetime. He continued that although they had made great strides together, he thought that the impact Illumina would have on human health by unlocking the power of the genome was still very much in its infancy.

Widely regarded for its DNA sequencing and array-based technology, Illumina has been in an escalating proxy fight with Carl Icahn, who has a 1.4% stake in the biotechnology company.

Icahn has charged Illumina's board of directors and executive management with negligent oversight, particularly in relation to the company's contentious 2021 acquisition of cancer test manufacturer Grail for $7.1 billion.

In late May 2023, Icahn urged shareholders to vote to fire deSouza and board chairman John Thompson. Shareholders fired Thompson, but deSouza held onto his job until Sunday.