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23andMe Files for Chapter 11 Bankruptcy Protection: CEO Resigns as Company Sells Itself
23andMe, the renowned DNA testing company, has filed for Chapter 11 bankruptcy protection to facilitate a court-supervised sale after facing significant financial challenges. Co-founder Anne Wojcicki has stepped down as CEO to pursue an independent bid, leaving interim management to CFO Joe Selsavage.
Lead: 23andMe, the leading DNA testing firm, has officially filed for Chapter 11 bankruptcy protection as it seeks to sell the company following years of financial difficulties. The announcement was made on [insert date] and comes with the resignation of co-founder and CEO Anne Wojcicki, who plans to bid for the company independently. In the interim, Chief Financial Officer Joe Selsavage will assume the role of acting CEO. The company reassures customers that services and access to data will continue unaffected during this period.
What Led to the Bankruptcy Filing?
– 23andMe has faced ongoing financial struggles that prompted a thorough evaluation of its strategic options.
– The board determined that a court-supervised sale process would be the best way to address operational and financial challenges.
– The company aims to maximize value while reducing costs and resolving legal issues.
Key Statements from Leadership
– Mark Jensen, chair of the Special Committee of the Board, stated: “We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face…”
– In her resignation announcement, Anne Wojcicki acknowledged her accountability, stating: “I equally take accountability for the challenges we have today… my belief in the company and its future is unwavering.”
Future Operations During Bankruptcy
– 23andMe has pledged to continue its business operations throughout the bankruptcy process.
– Customers will not experience any interruptions in access to their DNA data or subscription services.
Conclusion: As 23andMe navigates this challenging phase, the company is focused on restructuring and ensuring continuity for its customers while pursuing options for a potential sale. With new interim leadership in place, the future of 23andMe remains to be seen as it adapts to evolving market dynamics.
Keywords: 23andMe, Chapter 11 bankruptcy, Anne Wojcicki, DNA testing company, financial challenges, court-supervised sale, interim CEO, customer data access.
Hashtags: #23andMe #Bankruptcy #AnneWojcicki #DNATesting #CompanySale #FinancialChallenges #BusinessNews
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