Illumina Inc (NASDAQ:ILMN) has a new CEO following its public proxy battle with activist investor Carl Ichan over its troubled acquisition of Grail Inc.
The biotech firm named former Agilent executive Jacob Thaysen as its new boss on Tuesday morning.
Thaysen takes over the role from Francis deSouza, who had been Illumina’s CEO since 2016 before his resignation in June 2023.
The new CEO previously served as senior vice president at Agilent, where he led the transformation of analytical laboratories by implementing digital laboratory ecosystems and acquiring companies to establish Agilent's leadership in live cell analysis. Thaysen's career also includes leadership roles at Agilent's Diagnostics and Genomics Group, corporate R&D at Dako, and experience as a management consultant and technology entrepreneur.
Thaysen’s appointment comes at a critical juncture for the company. Illumina had spun off Grail, a cancer diagnostics company in 2016, retaining a 12% stake, before reacquiring the company in 2021. The acquisition was opposed by US and European regulators and the US Federal Trade Commission (FTC) issued an Opinion and Order requiring Illumina to divest Gral Inc.
According to the FTC, the deal would stifle competition and innovation in the US market for life-saving cancer tests. Illumina vowed to appeal the FTC’s ruling.
In an open letter to shareholders in March, Icahn blamed Illumina’s acquisition of Grail Inc for wiping $50 billion of value from its market capitalization.