Icahn said Illumina should bring back former CEO Jay Flatley, saying current management is making the mistake of holding onto the $7.1 billion Grail deal.
that the former top exec Jay Flatley "obviously knows the DNA sequencing company and did a good job with it." The activist investor did not specify whether he was in contact with Flatley.before he was succeeded by current CEO Francis deSouza in 2016. San Diego-based Illumina credits Flatley for the company's high growth in the last two decades, noting that he took the company from $1.3 million in sales in 2000 to $2.2 billion in 2015.
Icahn has been pushing for Illumina to unwind the "disastrous" deal, which he claims wiped out $50 billion in the company's market value. He told the Journal that Illumina can't afford to keep Grail under current macroeconomic conditions. The European Commission last year blocked Illumina's acquisition of Grail over concerns it would stifle innovation and hurt consumer choice. The commission also unveiled details of a planned order that would force Illumina to unwind the deal.
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