Illumina Chief Executive Francis deSouza received 71 percent shareholder support to remain on the DNA sequencing outfit’s board of directors — despite being targeted for removal by activist investor Carl Icahn.
Winners and losers in the proxy battle were announced on May 25 following the meeting. But vote totals were withheld pending certification. So, it was unclear whether these hard-fought contests were nail-biters.Icahn’s battle with Illumina centered on the company’s decision in August 2021 to close the $7.1 billion acquisition of cancer diagnostic spinout Grail, even though the transaction remained under review from anti-monopoly regulators in the U.S. and Europe.
Shareholders delivered split results in proxy voting. While deSouza handily survived Icahn’s attempt to oust him, Illumina Board Chairman John Thompson did not. The former Symantec CEO and ex-Microsoft chairman was removed from the board, garnering just 34 percent of votes in favor. He was beaten by Icahn nominee Andrew Teno, who netted 60 percent support.
Meanwhile, shareholders trounced Illumina’s advisory vote on executive compensation, known as say on pay. The proposal received just 14 percent support. It is rare for say and pay proposals to be rejected. Typically, they are approved with 90 percent-plus shareholder support.
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