Leading Proxy Advisory Firm ISS Recommends Illumina Shareholders Vote "FOR" Eight of Illumina's Highly Qualified Director Nominees

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[{"type":"text","content":"SAN DIEGO, May 12, 2023 /PRNewswire/ -- Illumina (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, today announced that Institutional Shareholder Services (\"ISS\"), a leading independent proxy voting and corporate governance advisory firm, recommends Illumina shareholders vote FOR Illumina CEO Francis deSouza and Board member Robert Epstein. Illumina's Annual Meeting is scheduled to be held on May 25, 2023, at 10:00 am Pacific Time (1:00 pm Eastern Time).\nIn a report dated May 12, 2023, ISS noted the following:\n\"Despite making the case for change, the dissident's ask is substantial. Icahn is seeking to replace the company's Chairman, CEO, and longest-tenured director with a three-member slate that is relatively homogenous. All three are investment professionals who work or worked for Icahn for years…the dissident nominees are, as Icahn representatives, largely interchangeable.\"\"If the dissident's campaign had contained fewer unsubstantiated accusations, or if the dissident had nominated candidates with direct industry expertise, it might have been easier to conclude that the case for change was strong enough to support more dissident nominees.\"\"In consideration of the lack of evidence of malfeasance by the CEO, and the fact that the dissident does not have a CEO candidate in hand…removal of CEO deSouza from the board seems excessively disruptive at this stage.\"Illumina is pleased that ISS recognizes the strength of Illumina's Board and supports its best-in-class governance practices. ISS's recommendation that shareholders reject two of Icahn's associates is recognition that Illumina has the right skill sets and experiences on its Board to advance the company's strategic goals for value creation.\nIllumina recommends that shareholders vote FOR all of its nine nominees. Illumina Board Chair John Thompson and his deep experience have provided invaluable insight and leadership to the Illumina Board and he has led high-growth companies for more than four decades. As Chair of the Microsoft Board, Thompson oversaw a period of unprecedented innovation and shareholder value creation and led the Board team responsible for selecting Satya Nadella to be Microsoft's CEO. During his tenure as director, chair and lead independent director from February 2012 to present, Microsoft's total shareholder return...

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