Illumina (ILMN) board chair voted out, CEO survives vote

May 25, 2023 2:24 PM EDT

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On Thursday, Carl Icahn, an activist investor, gained sufficient support from Illumina (NASDAQ: ILMN) shareholders to oust the biotech firm's board chairman John Thompson.

However, two of Icahn's other board nominees, Vincent Intrieri and Jesse Lynn, were not elected after failing to secure enough votes.

According to reports, an Illumina spokesperson stated that a new chair will be chosen in the next few weeks.

Icahn had advised shareholders to vote off Thompson as well as Illumina's CEO Francis deSouza from the board, but DeSouza survived the vote.

In addition, it was revealed that shareholders voted for one of Icahn's three board nominees to be installed. Andrew Teno won enough support to join Illumina's board.

Illumina shares have plunged more than 10% Thursday, trading above the $190 mark. At the close of play on Wednesday, it traded above $212.

By Sam Boughedda

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