Jacob Thaysen appointed as new CEO of Illumina following proxy fight

One sentence summary – Jacob Thaysen has been appointed as the new CEO of Illumina following a proxy fight, and his appointment comes as the company faces regulatory challenges related to its acquisition of Grail; however, Thaysen’s leadership is expected to help overcome these obstacles and drive profitable growth, despite the decline in the company’s market value.

At a glance

  • Illumina has appointed Jacob Thaysen as its new CEO.
  • The appointment follows a proxy fight with activist investor Carl Icahn and the resignation of former CEO Francis deSouza.
  • Thaysen has previous experience at medical devices firm Agilent.
  • Illumina is facing regulatory challenges due to the acquisition of Grail without securing approval from antitrust regulators.
  • Thaysen’s appointment is expected to help navigate these challenges and drive profitable growth for Illumina.

The details

Illumina, a DNA sequencing company, has announced the appointment of Jacob Thaysen as its new CEO.

This follows a proxy fight with activist investor Carl Icahn that resulted in the resignation of former CEO Francis deSouza.

Thaysen is a seasoned executive, having previously worked at medical devices firm Agilent.

The appointment comes amidst ongoing challenges for Illumina.

These include the $7.1 billion acquisition of Grail in 2021, which was completed without securing approval from antitrust regulators.

This has led to legal hurdles, with both the European Commission and the U.S. Federal Trade Commission issuing orders seeking to block the acquisition.

Illumina has appealed both orders.

Final decisions are expected to be reached in late 2023 or early 2024.

Thaysen will be joining the company as it navigates these regulatory challenges and aims to drive profitable growth.

Since the acquisition of Grail, Illumina’s market value has experienced a significant decline.

It has dropped from $75 billion to $25 billion.

The announcement of Thaysen’s appointment further impacted the company, with shares falling over 4%.

Thaysen’s background and experience make him a valuable addition to Illumina.

At Agilent, he led the analytical instruments division from 2018.

He also served as president of the diagnostics and genomics department from 2014 to 2018.

During his tenure, he successfully nearly doubled the division’s operating profit.

This showcases his ability to drive growth and profitability.

Jacob Thaysen has been named the new CEO of Illumina, taking over from Francis deSouza after a proxy fight with Carl Icahn.

Thaysen’s appointment comes at a crucial time for the company as it faces regulatory challenges surrounding the Grail acquisition.

Illumina is optimistic that Thaysen’s leadership and expertise will help overcome these obstacles and reignite profitable growth.

However, the company’s market value has significantly declined since the acquisition.

Shares fell upon the announcement of Thaysen’s appointment.

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cnbc.com
– Jacob Thaysen has been named the new CEO of Illumina, a DNA sequencing company.
– Thaysen is a longtime executive at medical devices firm Agilent.
The appointment comes after a proxy fight with activist investor Carl Icahn resulted in the resignation of Illumina’s former CEO, Francis deSouza.
– Illumina closed its $7.1 billion acquisition of Grail in 2021 without securing approval from antitrust regulators.
– Shares of Illumina fell over 4% after the announcement of Thaysen’s appointment.
The company’s market value has fallen from $75 billion to $25 billion since the acquisition of Grail.
– Thaysen will join Illumina as it fights orders seeking to block the Grail acquisition from the European Commission and the U.S. Federal Trade Commission.
– Illumina has appealed both orders and expects final decisions in late 2023 or early 2024.
– Thaysen led the analytical instruments division of Agilent since 2018 and served as president of the company’s diagnostics and genomics department from 2014 to 2018.
– He nearly doubled the division’s operating profit during his tenure.
– Thaysen’s appointment is expected to bring a fresh perspective and drive profitable growth for Illumina.

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