Illumina ilmn Shares Jump Despite Ceo Resignation

Illumina (ILMN) Shares Jump Despite CEO Resignation

Shares of Illumina, Inc. (NASDAQ: ILMN) climbs by over 5% in the pre-market trading session today. This impressive increase comes despite the resignation of the company’s CEO, Francis deSouza. The resignation was in response to pressure from renowned activist investor Carl Icahn.

Illumina Inc. announced on Sunday that its board has accepted the immediate resignation of CEO Francis deSouza. In the interim, Charles Dadswell, senior vice president and general counsel, will step in as the interim CEO while the board conducts a search for a new CEO. DeSouza, who has been with the company since 2013 and became CEO three years later, will remain in an advisory capacity until July 31.

Stephen P. MacMillan, the board chair of Illumina, expressed confidence in the company’s technology. He also emphasized their ability to maintain their leading position in DNA sequencing. MacMillan stated, “We are confident Illumina can continue to execute on its goals, while we conduct and complete a CEO search process.”

The San Diego-based company’s board is now considering both internal and external candidates to fill the vacant CEO position.

The resignation comes amid an ongoing battle between Illumina and activist investor Carl Icahn. The company has been engaged in a contentious struggle over its $7.1 billion acquisition of cancer test maker Grail, which has encountered regulatory obstacles. Icahn had previously urged shareholders to remove both John Thompson, the chairman, and deSouza from their positions. Shareholders acted upon this call and ousted Thompson in late May.