Jacob Thaysen is the new CEO of Illumina

Illumina’s board has appointed Jacob Thaysen as the new CEO of the DNA sequencing company. Thaysen, a 48-year-old executive with a long history at the medical devices firm Agilent, is set to assume the role of CEO on September 25th.

This appointment follows a period of contention involving a proxy battle with activist investor Carl Icahn, which ultimately led to the resignation of Illumina’s former CEO, Francis deSouza, despite initially securing enough votes to remain in his position.

Illumina’s decision to acquire cancer test developer Grail for $7.1 billion in 2021 without obtaining prior approval from U.S. and European antitrust regulators triggered Icahn’s intervention, resulting in efforts to undo the deal. The announcement of Thaysen’s appointment caused Illumina’s stock to drop by more than 4% on Tuesday.

The new leadership under Thaysen is expected to help Illumina recover from a challenging two-year period. During this time, the company’s market value declined from approximately $75 billion in August 2021, when the Grail acquisition was finalized, to approximately $25 billion.

Thaysen’s arrival coincides with Illumina’s ongoing efforts to contest two orders seeking to block the Grail acquisition, one from the European Commission and another from the U.S. Federal Trade Commission.

Prior to joining Illumina, Thaysen enjoyed a nearly 10-year tenure at Agilent. He served as the head of Agilent’s analytical instruments division since 2018 and held the position of president of the company’s diagnostics and genomics department from 2014 to 2018. During his tenure, he notably increased the division’s operating profit, as indicated in an Illumina press release.

Stephen MacMillan, the chair of Illumina’s board, expressed confidence in Thaysen’s capabilities, citing his unique blend of technological and commercial expertise. MacMillan expects Thaysen to bring a fresh perspective, a proven track record of driving profitable growth, and a strong commitment to creating value for all of Illumina’s stakeholders.

Thaysen will succeed Charles Dadswell, who has been serving as Illumina’s interim CEO since June, and will resume his role as senior vice president and general counsel at the company.

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