Illumina appoints Jacob Thaysen as new CEO following proxy battle with Icahn

September 05, 2023 11:44 PM AEST | By Investing

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Illumina appoints Jacob Thaysen as new CEO following proxy battle with Icahn — Image source: Kalkine Media

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Investing.com -- Illumina Inc (NASDAQ:ILMN) has named Jacob Thaysen as its new chief executive officer, months after its former board chair was removed following a proxy battle with billionaire activist investor Carl Icahn.

The U.S. genetic testing firm said Thaysen, who is currently an executive at laboratory instrument provider Agilent Technologies (NYSE:A), will assume the role on September 25.

Shares in Illumina slipped by more than 3% in early U.S. trading on Tuesday. The stock has fallen by more than 14% over the past one-year period.

Prior to Thaysen's appointment, the San Diego-based group became embroiled in a proxy fight with Icahn after its repurchase of cancer diagnostic test maker Grail in 2021 was opposed by regulators in the U.S. and Europe. Icahn called for the division to be divested, arguing that it was costing investors billions of dollars.

In May, Icahn gained enough backing from shareholders to secure the ouster of then Chair John Thompson and place his own nominee, Andrew Teno, on the board.

Former head Francis deSouza later resigned from the company in June despite having the support of twice as many shareholders as his challenger received in a proxy vote. Senior Vice President Charles Dadswell has served as CEO on an interim basis since deSouza's departure.

This article first appeared in Investing.com

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