Ann Wojcicki, CEO and co-founder of 23andMe, says she is still planning to take the genetic-testing company private despite the resignation this week of the entire board of directors. "After months of work, we have yet to receive from you a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholder," the seven independent directors said in a letter to Wojcicki. Last month, the special committee formed by the board rejected her April proposal to take the firm private, saying it lacked "committed financing," reports Business Insider.
"While we continue to wholeheartedly support the Company's mission and believe deeply in the value of the personalized health and wellness offering that you have articulated, it is also clear that we differ on the strategic direction for the Company going forward," the directors wrote, adding that they "are proud of what 23andMe has achieved in pioneering direct access to genetic information." Wojcicki, who holds 49% of voting power at the firm, said she was "surprised and disappointed" and would immediately move to appoint new directors, though Fortune sees the resignations as "almost certainly the final nail in the coffin for the embattled company known for its mail-order DNA-testing kit."
Fortune notes that 23andMe hasn't turned a profit since it went public in 2021. The IPO price was $10 per share but the stock has been below $1 for almost a year and closed at 33 cents on Thursday. The company reported a $667 million loss for its last fiscal year, up from $312 million the previous year, the AP reports. Last week, it agreed to pay $30 million to settle a class action lawsuit filed after a massive data breach last year that affected around half of its 14 million users. (More 23andMe stories.)
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