CEO Anne Wojcicki steps down but remains on the board
South San Francisco, California – 23andMe, the popular personal genomics and biotechnology company with over 15 million users has filed for bankruptcy.
23andMe provides a variety of health and ancestry testing through a customer’s DNA genetics.
The South San Francisco company that was once valued at as much as $6 billion filed for Chapter 11 Bankruptcy in a Missouri court over the weekend. Ann Wojcicki has served as the CEO since 2006 when the company was founded, but she has since stepped down but will continue to remain on the board.
Joseph Selsavage, chief financial and accounting officer of 23andMe will serve as the interim CEO.
Wojcicki announced on various social media platforms about the Chapter 11 Bankruptcy. She also mentions the company’s early success and challenges it later faced, “We have had many successes but I equally take accountability for the challenges we have today. There is no doubt that the challenges faced by 23andMe through an evolving business model have been real, but my belief in the company and its future is unwavering.”
If the court approves Chapter 11, NBC has shared that the company will actively solicit qualified bids over a 45-day process. During the bid process, Wojcicki plans to submit a bid as an independent bidder.
