23andMe Board Members Resign, Opposing Wojcicki's Takeover

Mass Resignations Highlight Internal Discord

Directors Cite Concerns Over Governance, Leadership

In a major setback for CEO Anne Wojcicki's plans to take 23andMe private, six independent board directors have resigned en masse. The resignations come amid growing concerns within the company about Wojcicki's leadership and the board's oversight.

The departing directors, who collectively represent a majority of the board's independent members, have expressed concerns about the company's corporate governance practices and the lack of transparency in Wojcicki's proposed takeover plan.

Lack of Transparency, Poor Communication

According to sources familiar with the situation, the directors were particularly troubled by Wojcicki's failure to provide sufficient information about the proposed transaction. They argued that the board had not been given enough time to review the details of the deal and assess its potential risks and benefits.

The directors also raised concerns about Wojcicki's leadership style, which they characterized as autocratic and dismissive of dissenting views. They claimed that Wojcicki had marginalized the independent directors and made decisions without consulting them.

Governance Concerns

In addition to their concerns about Wojcicki's leadership, the departing directors cited a number of corporate governance issues that they believed had eroded the company's credibility and damaged its reputation.

These concerns included the lack of independent representation on the board, the excessive compensation paid to Wojcicki, and the company's history of data breaches and privacy violations.

Impact on Takeover Plan

The mass resignations of the independent directors are a major blow to Wojcicki's plans to take 23andMe private. The resignations have raised serious questions about the company's governance and leadership, which could make it difficult for Wojcicki to secure the necessary shareholder approval for her proposed deal.

The resignations have also cast a shadow over 23andMe's future. The company is facing a number of challenges, including slowing growth, declining revenue, and increasing competition. It is unclear how the company will navigate these challenges without the guidance of its independent directors.

Conclusion

The mass resignations of the independent directors at 23andMe are a major development that raises serious questions about the company's governance, leadership, and future. It remains to be seen how the company will respond to these challenges and whether Wojcicki will be able to salvage her plans to take the company private.