Amid an ongoing FBI investigation into uBiome's billing practices, the San Francisco-based genomic testing startup's co-founders have resigned from the company's board, and its interim CEO has left the company, according to a letter sent to shareholders on June 30 and reviewed by The Wall Street Journal.
News of co-CEOs and founders Jessica Richman and Zac Apte's departure from the board comes nearly two months after they were placed on administrative leave in early May. At that time, John Rakow, formerly uBiome's general counsel, was named interim CEO; per the June 30 letter, he has also stepped down from his position.
The company has already appointed a new interim CEO, CFO and COO, all directors from consulting firm Goldin Associates, according to the letter, which was sent by the special committee formed within the uBiome board to oversee an independent internal investigation. Though that committee has since dwindled to just one member, the letter noted that two more unnamed executives will be joining the board.
"Though the developments of the past few months have been unexpected and disappointing, we continue to believe in the underlying value of uBiome's technology at a time of growing demand in the market," the letter read. "We are also confident that uBiome now has the right team and ethical footing in place to move forward as a stronger company."
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