Renowned investor Carl Icahn endorses Illumina’s new CEO Thaysen amidst proxy battle

Renowned investor Carl Icahn has expressed his support for Illumina’s new CEO, Jacob Thaysen, bringing relief to the company as it seeks to recover from a bitter proxy fight with Icahn.

Icahn publicly announced his endorsement of Thaysen on X, stating, “I think he will do an excellent job and he has my full support.” Icahn revealed that he had spoken with Thaysen.

Icahn, although retaining a minor stake in Illumina, initiated a proxy battle against the company for proceeding with the $7.1 billion acquisition of cancer test developer Grail in 2021 without obtaining approval from antitrust regulators in the US and the European Union.

Illumina’s former CEO, Francis deSouza, faced strong criticism from Icahn and ultimately resigned in May, despite securing enough votes to remain in his position. In March, Icahn voiced his discontent, stating, “I’d find it comical, if it wasn’t so reprehensible that ILMN’s share price is down 63% due to CEO Francis deSouza making such an absurd and questionable purchase.”

Since the completion of the Grail deal in August 2021, Illumina’s shares have plummeted by nearly 70%. The company’s market value has shrunk from approximately $75 billion to around $25 billion.

Investors are eagerly awaiting Thaysen’s approach to the Grail business and whether he can regain the market value that the company had lost.

Thaysen, previously with Agilent Technologies for almost a decade, where he was in charge of the largest analytical-lab unit and doubled its operating profit, will assume the role of CEO at Illumina on September 25.