A building on the campus at the world headquarters of Illumina is shown in San Diego, California, Sept. 1, 2021.
Mike Blake | Reuters
Illumina‘s board on Tuesday appointed
Jacob Thaysen as the new CEO of the DNA sequencing company
new CEO,
in an effort to recover from a protracted dispute over its acquisition of cancer test developer Grail.
Thaysen, a 48-year-old executive with significant experience at medical devices firm
Agilent,
will assume the role of CEO on September 25. This decision comes after a contentious proxy fight with activist investor Carl Icahn, which resulted in the resignation of Illumina’s previous CEO, Francis deSouza, despite securing sufficient votes to remain in his position.
Despite not obtaining approval from antitrust regulators in the US and European Union, Illumina completed its $7.1 billion acquisition of Grail in 2021. This move prompted Icahn to seek board seats and advocate for the dissolution of the deal, causing a more than 4% drop in Illumina’s share price following the announcement.
With new leadership, Illumina aims to recover from a challenging period in which its market value declined from around $75 billion to approximately $25 billion since August 2021, when the Grail acquisition was finalized.
As Illumina faces opposition from the European Commission and the US Federal Trade Commission, both seeking to block the Grail acquisition, Thaysen will take on the role of CEO. Illumina has appealed against both orders and expects final decisions in late 2023 or early 2024.
Thaysen will join Illumina following nearly 10 years of service at Agilent. He held leadership positions in the analytical instruments and diagnostics and genomics divisions, demonstrating his ability to drive profitable growth and create value for stakeholders.
According to a press release from Illumina, Thaysen nearly doubled the operating profit of the division he led at Agilent over a four-year period.
Stephen MacMillan, the chair of Illumina’s board, expressed confidence in Thaysen’s appointment, citing his unique blend of technological and commercial expertise, proven track record of driving profitable growth, and commitment to creating value for all stakeholders.
Thaysen will succeed Charles Dadswell, who has served as Illumina’s interim CEO since June. Dadswell will resume his role as senior vice president and general counsel at Illumina.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
