23andMe Files For Chapter 11 Bankruptcy Protection; CEO Anne Wojcicki Resigns

(RTTNews) - 23andMe Holding Co. (ME) announced that it has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Missouri to facilitate a sale process to maximize the value of its business.

The company plans to continue operating its business in the ordinary course throughout the sale process. There are no changes to the way the Company stores, manages, or protects customer data.

The company noted that it is seeking authorization from the Court to commence a process to sell substantially all of its assets through a chapter 11 plan.

23andMe also announced that Anne Wojcicki has resigned from her role as Chief Executive Officer, effective immediately. Wojcicki will continue to serve as a member of 23andMes Board. The Board has appointed Joe Selsavage, Chief Financial and Accounting Officer, to the additional role of Interim Chief Executive Officer and Matt Kvarda, a Managing Director at Alvarez & Marsal, as Chief Restructuring Officer.

In addition, Thomas Walper, a former Partner in the Financial Restructuring Practice at Munger, Tolles & Olson LLP, was appointed to 23andMes Board and the Special Committee as an independent director. Jensen has been appointed Chair of the Board.