Carl Icahn Escalates Boardroom Battle At Illumina, Seeks To Remove More Directors After Grail Divestiture
Portfolio Pulse from Vandana Singh
Carl Icahn is intensifying his boardroom battle at Illumina Inc (NASDAQ:ILMN) by seeking to remove more directors after the company's decision to divest Grail Inc. Icahn, who successfully pushed for the ousting of former CEO Francis deSouza and the divestiture of Grail, now aims to remove 'legacy conflicted directors' whom he blames for poor decision-making and a significant drop in Illumina's share price. The activist investor's plans may change before the January 26 nomination deadline, with voting on nominees expected at the next annual general meeting.
December 19, 2023 | 12:58 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Carl Icahn is pushing for further changes in Illumina's board after the divestiture of Grail Inc. He blames the current directors for a significant decline in the company's market value and seeks to remove them to complete the restructuring process.
Icahn's active involvement and previous success in changing the company's direction, including the CEO's resignation and Grail's divestiture, suggest that his current efforts may also lead to significant changes in the board. This could be perceived positively by the market, as it may lead to better governance and decision-making, potentially improving the company's performance and stock price in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100