Biotechnology company Illumina, Inc. ILMN initiated layoffs within its research and development (R&D) team, affecting approximately 10% of that staff.
These layoffs began late last Wednesday and impacted research teams at various locations, including San Diego and Foster City, California; Madison, Wisconsin; Singapore and the U.K. Additionally, all lab-based work in Foster City is planned to be shut down, according to StatNews.
It was reported that affected employees have already been notified of these changes. It was mentioned that the layoffs are not the final ones, indicating the possibility of further workforce reductions in the future.
CEO Resigns: On June 11, 2023, Illumina announced that its CEO and director, Francis deSouza, had resigned. Charles Dadswell, the senior vice president and general counsel, has been named as the interim CEO while a search for a new CEO is conducted. DeSouza, who had been with the company since 2013 and became CEO in 2016, will continue to serve in an advisory capacity until July 31.
What's Carl Icahn Up To? Icahn, an activist investor, has been pressuring Illumina's executive management and board regarding their oversight, particularly concerning its controversial $7.1 billion acquisition of cancer test maker Grail in 2021. Icahn had urged shareholders to vote out its chairman, John Thompson, and deSouza. Company shareholders voted out Thompson in late May.
In an open letter to Illumina shareholders in April, Icahn accused deSouza of “desperately, hilariously and, most of all, unsuccessfully” trying to spin “decidedly mediocre” quarterly results during a press tour.
This article was generated using ChatGPT and was reviewed and edited by a Benzinga editor.
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