All 23andMe independent board members resigned en masse Tuesday following a monthslong battle over CEO Anne Wojcicki’s plans to take the company private.
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00:00The entire board of 23andMe just resigned, and its stock fell to rock bottom.
00:04On Tuesday, all 7 independent board members announced their departure following CEO
00:09Anne Wojcicki's months-long battle to take the company private.
00:12Since going public in 2021, the DNA Testing Kit company has never turned a profit.
00:17The director said they disagree with Wojcicki's strategic direction for the company,
00:21and said she doesn't have a fully financed or actionable plan.
00:24Wojcicki controls 49% of 23andMe votes, leaving her as the only board member.
00:29She told staff she's now immediately on the hunt for new independent directors
00:33who support her plans on taking the company private.
00:36The company hasn't been doing well this year.
00:38DNA test sales have dropped off, and a recent data breach impacted nearly 7 million customers,
00:43which led to a rush of lawsuits and a $30 million settlement.