23andMe Board Resigns Over CEO's Privatization Plan, Stock Down 7% ($ME)

Sep 18, 2024, 03:40 PM

All seven independent directors of 23andMe Holding Co. ($ME) have resigned from the company's board, citing a lack of progress on CEO Anne Wojcicki's proposal to take the company private. The resignations, effective immediately, were attributed to strategic differences and disappointment over Wojcicki's failure to provide an actionable buyout plan after five months of delays. The board members' departure follows an incomplete offer that was rejected in August. Wojcicki expressed surprise and disappointment at the mass resignation but remains committed to her privatization plan. This development comes after 23andMe settled a genetic privacy lawsuit for $30 million. Following the resignations, 23andMe's stock tumbled 7%.