By Kate Goodwin

Pictured: Illumina sign in San Diego/iStock, Georgejason

After months of upheaval, Illumina named Jacob Thaysen its new CEO Tuesday, replacing Francis deSouza who stepped down in June after losing a proxy fight with billionaire activist investor Carl Icahn.
Thaysen, the former senior vice president of Agilent Technologies and president of its life sciences and applied markets group, will take the reins Sept. 25. He has his work cut out for him.
The DNA-sequencing technology company has faced a rocky road since its acquisition agreement with cancer diagnostics maker GRAIL in September 2020. The deal faced scrutiny from both the Federal Trade Commission and the European Commission due to concerns over antitrust laws.
In April, activist investor Carl Icahn went after then-CEO Francis deSouza and campaigned to replace three of Illumina’s board members. While his efforts only got him one seat on the board, deSouza did step down as CEO in June, followed soon after by the chief technology and chief medical officers.
The European Commission in July hit Illumina with a $476 million fine for closing the deal with GRAIL without regulatory approval, while the SEC continues to investigate the companies’ $8 billion acquisition deal.
In Tuesday’s announcement, Illumina touted Thaysen’s track record at Agilent. In his nine years with the company, Thaysen was an “integral part” of Agilent’s transition to a life sciences company and “drove the division’s revenue and significantly improved its operating profit,” according to Illumina’s press release.
Stephen MacMillan, Chair of the Board of Illumina, said in a statement that Thaysen’s “unique combination of deep technological and commercial experience will be a great addition” as the company looks to “continue to execute on its goals and drive long-term shareholder value.”
Evercore ISI analyst Vijay Kumar in a Tuesday note to investors said that Thaysen “checks all the boxes” and “comes with a core [life science] tools background, which was critical in our mind given the context of previous hire being outside the industry,” while emphasizing his “deep science background.”
Thaysen’s new job comes with a $1 million base salary, plus a signing bonus of $500,000 cash and $3.5 million in equity for the money he will “forfeit at Agilent” in order to join Illumina, according to the SEC filing. He’ll also be eligible for annual equity awards starting in 2024 with an aggregate value of $10 million.
Former CEO deSouza’s pay package peaked at $26.7 million in 2022—a point of contention with investors like Icahn as the company’s stock tumbled.
The past five years have taken quite a toll on Illumina, with company stock losing over 50% in that timeframe.
More recently, in its second-quarter 2023 earnings report, Illumina lowered its financial outlook for the fiscal year to revenue growth of 1%, down significantly from previous forecasts of 7% to 10%. The company generated $1.18 billion in revenue that quarter. In July, the company announced a 79-head layoff to its San Diego operations in an effort to reduce expenses by $100 million in 2023.