Illumina CEO Francis DeSouza Resigns After Proxy Battle With Carl Icahn

(RTTNews) - Illumina's (ILMN) Chief Executive Officer Francis deSouza resigned following a proxy battle with activist investor Carl Icahn.

The Gene sequencing test maker said Sunday that it accepted the resignation of deSouza as its Chief Executive Officer and as a Director, effective June 11. But he will stay on in an advisory capacity until July 31, 2023.

Charles Dadswell, Senior Vice President and General Counsel, has been named interim CEO while the Board of Directors conducts a search for a new CEO, the company said.

The chief executive officer resignation comes as Illumina has been locked in a monthslong battle with Carl Icahn, over its $7.1 billion acquisition of cancer test maker Grail that has faced regulatory hurdles. Icahn had urged Illumina shareholders to vote out their chairman, John Thompson, and chief executive officer deSouza. The company shareholders voted out John Thompson in late May.

Icahn wrote in a tweet Sunday that he is "happy" to see the recent changes at Illumina.

"While obviously I believe the change of CEO should have come meaningfully sooner, it is still a very positive occurrence. The new additions to the board, the CEO transition, as well as the change of the Chairman, are significant positives that should drive value for all stakeholders and human health," Icahn said.