The news: The seven independent directors of legacy DNA-testing company 23andMe have resigned from its board.

• In a memo to employees, co-founder and CEO Anne Wojcicki said “I am surprised and disappointed by the decision of the directors to resign,” per The Wall Street Journal.
• Wojcicki is 23andMe’s sole remaining board member.

But, why? In a letter to Wojcicki, the directors cited differing views on the “strategic direction for the company going forward” and concerns over the CEO’s “concentrated voting power.”

• Back in April, Wojcicki signaled her intention to take 23andMe private—a special committee formed by the company rejected that proposal.
• Despite the rejection, Wojcicki believes taking 23andMe private is still the best course of action for the company.
• This is where the board and CEO reached an impasse. Wojcicki controls 49% of 23andMe votes, giving her a degree of control that makes board members shopping the company to potential bidders nearly impossible.

23andMe’s fall from grace: 23andMe reached a $6 billion peak valuation after going public in 2021. But it’s since struggled to find a viable business model.