DNA testing firm 23andMe has filed for Chapter 11 bankruptcy protection to help the company sell itself after years of financial difficulties. Anne Wojcicki, 23andMe’s co-founder and CEO, announced on X that she has resigned with immediate effect to become an independent bidder for the company, with chief financial and accounting officer Joe Selsavage stepping in as interim CEO.
“After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business,” Mark Jensen, chair and member of the Special Committee of the Board of Directors, said in a statement. “We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities.”
23andMe says that it intends to “continue operating its business” throughout the bankruptcy proceedings and that customer’s access to data and subscriptions won’t be affected.
“We have had many successes but I equally take accountability for the challenges we have today,” Wojcicki said. “There is no doubt that the challenges faced by 23andMe through an evolving business model have been real, but my belief in the company and its future is unwavering.”
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
