23andMe Faces Stock Drop as Directors Resign Over Buyout Dispute
23andMe's Stock Faces Pressure
On early Wednesday, 23andMe Holding Co. experienced a significant 7% decline in its share price. This drop followed the departure of independent board directors amid a dispute with CEO Anne Wojcicki regarding her intention to take the company private.
Board Resignation Details
- The independent directors expressed their frustration in a letter to Wojcicki.
- They highlighted that their decision resulted from months of inaction regarding a viable plan.
- This lack of progress raises concerns for non-affiliated shareholders.
In their correspondence, the directors emphasized, “We believe the Special Committee and the Board have provided ample time for you to submit such a proposal.” With expectations unmet and no substantial proposal presented in five months, the independent directors decided to resign.
Shareholder Implications
This internal conflict raises critical questions about 23andMe's strategic direction and shareholder value moving forward. Stakeholders are urged to stay informed as the situation develops.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.