23andMe files for bankruptcy as CEO steps down

DNA testing agency 23andMe has filed for Chapter 11 chapter safety to assist the corporate promote itself after years of monetary difficulties. Anne Wojcicki, 23andMe’s co-founder and CEO, introduced on X that she has resigned with fast impact to grow to be an impartial bidder for the corporate, with chief monetary and accounting officer Joe Selsavage stepping in as interim CEO.

“After a radical analysis of strategic alternate options, we have now decided {that a} court-supervised sale course of is the most effective path ahead to maximise the worth of the enterprise,” Mark Jensen, chair and member of the Particular Committee of the Board of Administrators, stated in an announcement. “We anticipate the court-supervised course of will advance our efforts to handle the operational and monetary challenges we face, together with additional value reductions and the decision of authorized and leasehold liabilities.”

23andMe says that it intends to “proceed working its enterprise” all through the chapter proceedings and that buyer’s entry to information and subscriptions received’t be affected.

“We now have had many successes however I equally take accountability for the challenges we have now as we speak,” Wojcicki stated. “There is no such thing as a doubt that the challenges confronted by 23andMe by an evolving enterprise mannequin have been actual, however my perception within the firm and its future is unwavering.”