23andMe Board Resigns Amid CEO's Privatization Push

All seven independent directors step down over disagreements with CEO Anne Wojcicki's plan to take the company private.

Overview

CEO Anne Wojcicki proposed taking 23andMe private at $0.40 per share, which the board deemed insufficient.
The resignations follow months of failed negotiations and a lack of a fully financed, actionable proposal from Wojcicki.
23andMe has struggled financially since its 2021 SPAC merger, with its stock plummeting over 97% from its peak.
The company faces additional challenges, including a $30 million settlement from a 2023 data breach affecting millions of users.
Wojcicki remains committed to her privatization plan and is seeking new independent directors to join the board.