Proxy advisory firm Institutional Shareholder Services (ISS) on Friday backed only one of Carl Icahn's three nominees to Illumina Inc's board, saying that the activist investor's push to remove the company's CEO was too disruptive.
Flags wave in front of Illumina's global headquarters in San Diego, California, U.S., November 28, 2022. REUTERS/Mike Blake
May 12 - Proxy advisory firm Institutional Shareholder Services on Friday backed only one of Carl Icahn's three nominees to Illumina Inc'sISS backed Icahn's candidate Andrew Teno and said he could be an adequate replacement for Illumina Chairman John Thompson, but did not support any other Icahn nominee.and another Icahn nominee, and said shareholders should vote against the re-election of current CEO Francis deSouza and Chairman Thompson.
, where Icahn has been looking to remove deSouza and Thompson from the company's board and criticized Illumina's deal to buy cancer test maker Grail. "In consideration of the lack of evidence of malfeasance by the CEO, and the fact that the dissident does not have a CEO candidate in hand ... removal of CEO deSouza from the board seems excessively disruptive at this stage," ISS said on Friday.
Withholding support from Thomson, however, "appears to be the most direct approach to achieve the change that is warranted," according to ISS.
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