23andMe Starts Chap. 11 Process; Wojcicki Steps Down as CEO (1)

23andMe Holding says it has initiated voluntary Chapter 11 proceedings in the US Bankruptcy Court for the Eastern District of Missouri to facilitate a sale process.

• Anne Wojcicki resigning from role as CEO effective immediately; will continue to serve on board
  • Board names Joe Selsavage interim CEO
• Seeking court’s authorization to commence a process to sell substantially all of its assets
  • Data privacy will be an important consideration in any potential transaction
  • Will continue operating throughout sale process
• Filed customary motions for “first-day” relief, including authority to pay employee wages and compensate certain vendors and suppliers going forward
• Received a ...