Illumina Begins Layoffs, Plans To Exit Part Of San Diego Campus In Aftermath Of Proxy Battle

By Chris Jennewein, Times of San Diego:

In the wake of Carl Icahn’s proxy battle, Illumina has begun cutting jobs and announced plans Monday to exit part of its campus in University City.

The San Diego-based maker of genetic sequencing equipment said in a regulatory filing that it is committed to reducing its annual expenses by more than $100 million in 2023.

The reduction in workforce commenced on June 21 and will result in charges of $25 to $35 million, the company said.

The company did not say how may employees would be laid off, but media reports suggested it could be as high as 10%.

The real estate that Illumina plans to exit is the three-building i3 campus located on the north side of La Jolla Village Drive at Interstate 805. The company’s other headquarters buildings are located about half a mile south.

After a proxy battle with Icahn that came to a head at the annual shareholders meeting in May, long-time CEO Francis deSouza stepped down and the company announced a search for his successor.

Illumina’s core global workforce comprised about 10,200 full-time employees as of Jan. 1, according to a regulatory filing.

Reuters contributed to this article.

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