Renowned billionaire investor Carl Icahn has publicly shown his support for Illumina’s newly appointed CEO, Jacob Thaysen. This comes as a relief for the company, as it aims to recover from a contentious proxy fight with Icahn.

Icahn, in a recent post on X, expressed his confidence in Thaysen, stating, “I think he will do an excellent job and he has my full support.” Icahn had personally spoken with Thaysen to convey his endorsement.

It is worth noting that Icahn still holds a small stake in Illumina. Earlier this year, he initiated a proxy battle after the company proceeded with its $7.1 billion acquisition of cancer test developer Grail in 2021, without obtaining approval from antitrust regulators in the United States and the European Union.

During this battle, Icahn heavily criticized Illumina’s former CEO, Francis deSouza, who eventually resigned despite securing sufficient votes to remain in his position.

Icahn’s dissatisfaction with deSouza’s decision-making was evident when he stated to in March, “I’d find it comical, if it wasn’t so reprehensible that ILMN’s share price is down 63% due to CEO Francis deSouza making such an absurd and questionable purchase.”

Since finalizing the Grail deal in August 2021, Illumina’s shares have plummeted by almost 70%. Consequently, the company’s market value has dwindled from approximately $75 billion to about $25 billion.

Market observers are keen to see how Thaysen will handle the Grail business and whether he can restore the company’s lost market value.

Thaysen, who previously served in a senior role at medical devices firm Agilent Technologies, will assume the position of Illumina’s CEO on September 25. During his tenure at Agilent, Thaysen successfully managed the largest analytical-lab unit and doubled the division’s operating profit.