Illumina (ILMN) announced today that it has appointed Jacob Thaysen, an executive from Agilent Technologies (A), as its new CEO. This decision comes as the gene sequencing company aims to bounce back from a recent proxy battle with activist investor Carl Icahn and a declining stock value.

Thaysen will assume the role on September 25, succeeding Francis deSouza, who stepped down in June amid Icahn's efforts to restructure the board following Illumina's controversial acquisition of cancer test developer Grail for $7.1 billion in 2021.

Both the US and the European Union (EU) have moved to block the deal, and Icahn and his supporters criticized management for proceeding with the acquisition without obtaining prior approval from regulators. The company is currently appealing these decisions.

Chairman Stephen MacMillan said that Thaysen was selected after the board conducted “a robust search process,” adding that Thaysen will “help shape and lead the company into its next phase of growth.”

Illumina's shares to dropped 5% on the news, with the stock losing approximately two-thirds of its value since the Grail acquisition in September 2021.

 

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