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Illumina Inc., the DNA-sequencing giant, announced the resignation of CEO Francis deSouza and the interim appointment of Charles Dadswell, previously the firm's SVP and General Counsel. The unexpected departure is seen as a victory for activist investor Carl Icahn, who had been pushing for deSouza's removal.
Prior to his appointment, Dadswell served as the senior vice president and general counsel at Illumina Inc. DeSouza's resignation was seen as a victory for activist investor Carl Icahn as he has been trying to remove the CEO from the DNA-sequencing firm.
As per Fortune, the outgoing chief survived Icahn's attacks on him after he was re-elected to the company's board late last month. He was among the eight executives to have earned a spot on the board, and the American financier was apparently against it.
The 87-year-old activist investor was said to have started pushing for board seats as early as March and criticized Illumina's board and management for selling and then buying back Grail Inc. later at a higher price. He also lambastes the company for pushing through with the deal even if the regulators in Europe opposed it.
Now, weeks after Icahn's failure to oust DeSouza, Illumina confirmed on Sunday, June 11, that its board of directors received the CEO's resignation, and they have accepted it. The company also released a statement for his departure and revealed its transition plans as well.
"We thank Francis for his contributions and leadership, and are very excited about embarking on the next chapter of Illumina's great journey," Illumina's chairman of the board, Stephen P. MacMillan, said in a press release. "Illumina's technology remains at the forefront of DNA sequencing and has continued to set the pace for the industry. We are confident Illumina can continue to execute on its goals while we conduct and complete a CEO search process."
Finally, Illumina said that as part of its transition plans, it is now looking for an executive who will permanently take over the role of CEO. The search will include both internal and external candidates. While DeSouza's resignation is already in effect, he will stay in the company as an adviser until July 31.
Photo by: Illumina/Wikimedia Commons(Public Domain)
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