Entire board walks out as 23andMe's CEO Anne Wojcicki stands firm amid turmoil
In a surprising turn of events, the entire board of directors at 23andMe, a DNA testing company based in San Francisco, resigned in September after a contentious month-long dispute regarding co-founder and CEO Anne Wojcicki's plans to take the company private. Following the mass resignations, Wojcicki, who holds 49.75% of the voting rights, is now the sole board member of the company.
The departing board members, including notable figures like YouTube CEO Neal Mohan and Sequoia Capital's Roelof Botha, expressed their ongoing belief in 23andMe's mission to personalize healthcare through genetic data. However, they indicated a fundamental disagreement with Wojcicki's strategic vision for the company's future.
In her first interview with Fortune since the board's resignation, Wojcicki acknowledged the complexities of the situation but expressed confidence in her ability to guide the company through its challenges. The tension between her and the board had escalated over her proposal to take the company private, a move that arose as 23andMe's valuation plummeted from $6 billion in 2021 to under $150 million.
The company's troubles began following its initial public offering (IPO) in 2021, when its stock debuted at $10 (approximately ₹840) per share but has since struggled, dipping to a record low of $0.30 (around ₹25) in 2024. Despite significant efforts, 23andMe has yet to turn a profit, facing declining sales and serious privacy concerns after a major data breach. Additionally, its drug discovery business, which was a financial drain, has been shut down.
Wojcicki's plan to take the company private was initially rejected by the board, who cited the absence of a premium offer for shareholders. The deadlock ultimately led to the board's resignation, despite Wojcicki’s assertion that her voting rights reflect her commitment to the company’s success. "I've always said ever since the very beginning, I don't need to be in charge. There's no ego for me. I care about the vision and the mission," she remarked.
A former leader at 23andMe indicated that the board's departure was not unexpected, shedding light on Wojcicki's leadership style. While publicly charismatic, she has been characterized as stubborn and controlling behind closed doors. Former employees have pointed to her leadership challenges and internal power struggles as significant issues that have surfaced since the company's IPO.
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Ex-minister Ramanath Rai hits out at BJP leader Ashoka for ‘irresponsible’ comments on KC Venugopal
Mangaluru: Congress leader and former minister B Ramanath Rai slammed BJP leader R Ashoka for calling AICC General Secretary KC Venugopal an agent of the party high command, and asked if the general secretary and other office-bearers in the BJP were commission agents too.
Rai, who addressed a press meet at the Congress office in the city on Friday, expressed fury over the recent comments of the BJP leader that Chief Minister Siddaramaiah was presenting himself in a shameless manner in public life. Ashoka, who is also Leader of the Opposition (LoP) in the Karnataka Legislative Assembly, had said that the Congress government had ‘broken every previous record on corruption-related controversies’.
“Ashoka has spoken with sheer ignorance and displays his lack of maturity, as he often does while facing the media. KC Venugopal has been working at organization of the party and it is unbecoming of Ashoka to criticize Venugopal as he did,” Rai told reporters.
“Being in a responsible position, how acceptable is it for Ashoka to pass disrespectful, random comments about another leader who also holds a responsible position? If KC Venugopal is indeed an agent of the party high command, what should we consider BJP leaders to be? Are they brokers?” he asked
Commenting on Ashoka’s allegations of corruption in the Congress government in Karnataka, Rai pointed out, “The KSRTC land was sold to private parties when he (Ashoka) was transport minister. We can find several such cases across the state, which need to be probed.”
The former minister, however, refused to comment on the incident that occurred at Mangaluru airport during CM Siddaramaiah’s visit to the city recently.
Former mayors Ashraf and Shashidhar Hegde, Congress activists Vishwas Kumar Das, Subhodaya Alva, Shabeer, Baby Kundar, Padmanabha, Nazeer Bajal and Prem were present.
