23andMe Board Resignation Over CEO's Plans to Take DNA Testing Company Private

Overview of 23andMe Board Resignation

On Tuesday, all seven independent directors of 23andMe resigned, expressing disagreements with the CEO's proposal to take the DNA testing company private. This mass resignation highlights internal conflicts regarding the company's strategic direction. With Anne Wojcicki, co-founder and CEO, as the only sitting member, the company faces significant uncertainty moving forward.

Details of the Proposal

Wojcicki submitted a plan to acquire the company in late July, following previous expressions of interest. However, the Special Committee of the board rejected the proposal, citing its inadequacies regarding pricing and financing.

• Proposal rejected for lacking premium financing.
• Board members emphasized insufficient progress on the proposal.
• The board noted differing views on the strategic direction.

Following the resignations, Wojcicki expressed her surprise and reiterated her commitment to privatizing 23andMe, believing it advantageous for long-term success.

Impact on 23andMe's Future

The resignations and board conflicts raise questions about the company's path ahead. Having gone public at a valuation of approximately $3.5 billion, 23andMe's current market cap is now under $200 million, following a decline in share prices.

For more details on this developing situation, please refer to trustworthy news sources.