Board Changes - 23andMe appointed three new independent directors to its board: Andre Fernandez, Jim Frankola, and Mark Jensen [1][2] - The new directors will serve on the board's audit committee and compensation committee, with Jensen as the lead independent director and chair of the compensation committee, and Fernandez as the chair of the audit committee [3] - The only other board member is 23andMe's co-founder and CEO Anne Wojcicki [2] Previous Board Resignations - All seven of the company's previous independent directors resigned abruptly in September, citing disagreements with Wojcicki over the "strategic direction for the company" [4][6] - The previous directors formed a special committee in late March to explore potential paths forward for the company [5] - Wojcicki submitted a proposal to take the company private in July, but it was rejected by the special committee due to lack of committed financing and no premium to the closing price of 40 cents per share at the time [5] - The directors gave Wojcicki the opportunity to submit a revised proposal, but did not receive one [6] Company Performance - 23andMe, once valued at $6 billion, has struggled since going public in 2021 through a SPAC [4] - Shares were hovering below $1 until the company announced a 1-for-20 reverse stock split earlier this month [4] - The company's stock was trading around $5 on Tuesday morning [5] CEO's Commitment - Wojcicki has repeatedly said she remains committed to taking the company private in the weeks following the board members' departures [7]
23andMe appoints three new board members following abrupt resignations
23andMe (ME) CNBC·2024-10-29 15:54