23andMe has announced a major shake-up, appointing three new independent directors to its board just a month after the unexpected resignation of its entire previous board. This fresh lineup—Andre Fernandez, former CFO at WeWork; Jim Frankola, ex-CFO of Cloudera; and Mark Jensen, a technology advisor and former Deloitte managing partner—marks a pivotal moment for the company. Joining co-founder and CEO Anne Wojcicki, they’ll tackle key roles on both the audit and compensation committees, with Jensen as lead independent director and Fernandez as audit committee chair.
The board's recent overhaul follows a letter from the departing directors in September, citing strategic disagreements with Wojcicki. 23andMe, once valued at $6 billion, has faced challenges since its public debut via SPAC in 2021, with its stock struggling to stay above $1. In an effort to regain stability, the company recently enacted a 1-for-20 reverse stock split, bringing shares to around $5 as of Tuesday morning.
Adding to the complexity, Wojcicki previously proposed taking 23andMe private, but the board’s special committee turned down the offer in July, citing a lack of committed financing and insufficient premium. Although Wojcicki remains firm on her goal to bring the company back under private ownership, the board’s new independent directors could bring fresh perspectives to guide 23andMe through this turbulent period.
With its newly restructured board, 23andMe now faces the task of redefining its direction amid a competitive genetic-testing market, and shareholders are watching closely to see if the new leadership can help restore confidence and drive the company forward.
