Illumina Inc

ILMN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$433.00	Kqwbyq	Ksckhylnv

Illumina: CEO Out After Proxy Battle and Board Shakeup

Julie Utterback

Jun 12, 2023

On Sunday, narrow-moat Illumina announced that CEO Francis deSouza had resigned a couple of weeks after activist investor Carl Icahn won a seat on Illumina's board (Andrew Teno) and a week after new chairman Stephen MacMillan (Hologic CEO and former Stryker CEO) joined the board, along with Edwards CFO Scott Ullem. While we suspect the market may appreciate this CEO change, we are not changing our $269 fair value estimate and continue to view shares as significantly undervalued.

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