In a significant turn of events, all independent directors of 23andMe have resigned from the board effective immediately on September 17, 2024. This decision comes after five months of stalled progress regarding a fully financed and actionable proposal that would benefit non-affiliated shareholders. The directors expressed their frustrations over the lack of a viable plan and cited differences in strategic direction with CEO Anne Wojcicki, particularly regarding her concentrated voting power [d8d87167].
The board's special committee had previously rejected Wojcicki's proposal to take the company private, which was initially announced in April 2024. They deemed the proposal insufficient, citing a lack of premium over the current stock price of 40 cents and inadequate financing commitments [dfa14c20]. Following the resignations, the committee has requested that Wojcicki withdraw her opposition to alternative transactions, allowing for an assessment of third-party interest in the company [dfa14c20].
The recent resignations raise concerns about corporate governance and oversight, potentially impacting investor confidence and the company's future direction [d8d87167]. As 23andMe navigates these challenges, the board plans to collaborate with a consultant to develop a revised business plan aimed at ensuring the company's sustainability and profitability moving forward [dfa14c20]. Questions about the company's governance and strategic direction continue to loom large, particularly in light of the recent leadership changes and ongoing discussions about its market value [b9f5679d].