Summary:
Entire board of directors resigns at 23andMe amid strategic disagreements with CEO Anne Wojcicki.
Wojcicki now remains the sole board member, controlling 49.75% of voting rights.
Company's valuation has dropped dramatically from $6 billion in 2021 to under $150 million.
Stock price fell from $10 at IPO to a record low of $0.30 in 2024.
Former employees describe Wojcicki's leadership as stubborn and controlling, leading to internal strife.
In a stunning turn of events, the entire board of directors at 23andMe, a San Francisco-based DNA testing company, resigned following a heated battle over CEO Anne Wojcicki's plans to take the company private. Wojcicki, who holds 49.75% of the voting rights, now stands as the sole board member.
The board's resignation came after a month-long dispute regarding Wojcicki's strategic vision for the company, especially her proposal to buy out shareholders, which was met with disagreement from prominent board members including YouTube CEO Neal Mohan and Sequoia Capital's Roelof Botha. In their public letter, they acknowledged their belief in the company's mission to personalize healthcare through genetic data but expressed concerns over Wojcicki's direction.
In her first interview since the resignations, Wojcicki acknowledged the complexity of the situation yet expressed confidence in steering the company through its challenges. The conflict arose as the company’s valuation plummeted from $6 billion in 2021 to under $150 million, primarily due to disappointing stock performance post-IPO, where shares fell from an initial price of $10 to a mere $0.30.
Despite these setbacks, Wojcicki’s leadership style has come under scrutiny. While publicly charming, former colleagues described her as stubborn and controlling, leading to significant power struggles within the company. As the board resigned, Wojcicki maintained that her voting power reflects her commitment to the company, stating, "I don't need to be in charge. There's no ego for me. I care about the vision and the mission."
With the board's departure, 23andMe faces uncertain times ahead as it navigates its future under Wojcicki's sole leadership, aiming to restore the company's financial health and reputation amidst ongoing challenges.
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