> 23andMe files for Chapter 11 bankruptcy as co-founder and CEO resigns
23andMe files for Chapter 11 bankruptcy as co-founder and CEO resigns
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Description
23andMe has filed for Chapter 11 bankruptcy protection and its co-founder and CEO has resigned as the struggling genetic testing company continues its push to cut costs.
The company said Sunday that it will look to sell “substantially all of its assets” through a court-approved reorganization plan.
The San Francisco-based company also said Anne Wojcicki had resigned as CEO effective immediately but would remain on the company’s board. Her resignation comes a couple weeks after a board committee had rejected a nonbinding acquisition proposal from Wojcicki.
MORE: https://www.wthr.com/article/news/nation-world/23andme-files-for-chapter-11-bankruptcy/507-0a1bc543-1527-4490-b5f8-e95da4cb63a0