The resigning directors indicated that they had different strategic visions from CEO Anne Wojcicki, citing her lack of a comprehensive actionable proposal to take the company private.
CEO Anne Wojcicki expressed her surprise at the directors' resignations, emphasizing her belief that transforming 23andMe into a private entity would be beneficial for long-term success.
Despite a valuation of $6 billion in 2021, 23andMe's stock has plummeted to 34 cents, and the company is at risk of being delisted for failing to maintain a minimum stock price.
The board's resignation underscores a significant governance crisis at 23andMe, with CEO Wojcicki holding a dominating 49% voting power, limiting checks on her strategic decisions.
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