Illumina Chief Executive Officer Francis DeSouza stepped down on Sunday, the gene-sequencing machine maker said in a statement, ending a battle with activist investor Carl Icahn in which the company's chairman left the company earlier this year.
U.S. and European antitrust regulators have ordered the company to unwind the deal but Illumina has gone to court in both regions to fight the move.
"The new additions to the board, the CEO transition, as well as the change of the Chairman, are significant positives that should drive value for all stakeholders and human health," he added.began in March and ended with a May vote in which Icahn won enough shareholder support to oust board chair John Thompson and install his nominee, Andrew Teno. Icahn has said he wants former Illumina CEO Jay Flatley to return.
DeSouza's departure was not a foregone conclusion. He had secured more than twice the number of shareholder votes than his challenger received in the proxy vote, which could have given him enough legitimacy to hang on.CEO after the company cut a deal with Icahn over board seats in 2020 and after Icahn cashed out two years later.
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