Illumina CEO Francis deSouza Steps Down After Proxy Battle with Carl Icahn

Francis deSouza has stepped down as CEO and director of Illumina following a proxy fight with activist investor Carl Icahn. Icahn had demanded deSouza’s removal from the board and replacement as chief executive.Following his immediate resignation, deSouza will continue to serve as an advisor to Illumina until the end of July. Illumina has already begun the process of searching for a new CEO and, in the meantime, Charles Dadswell, the senior vice president and general counsel, will take on the role on an interim basis.Icahn had criticised Illumina’s board for proceeding with the $8 billion acquisition of Grail despite ongoing regulatory investigations. He had suggested that deSouza be replaced by former CEO Jay Flatley or a similar candidate. With deSouza’s departure, the challenges associated with the Grail acquisition will be passed on to Illumina’s next leader. The European Commission and the US Federal Trade Commission have both raised concerns about the acquisition, with the latter ordering Illumina to divest Grail. Illumina is currently appealing the decision.